Property insurance specialist
FM Global has announced boosted profits and gross premium as part of its annual results.
The global firm saw total gross premium hit US$5.43 billion, compared to US$5.39 billion in the prior year, while net income rose 8% to US$796.8 million.
The insurer was able to post a solid result in a fiercely competitive global market and retain 96% of its client base.
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Thomas A. Lawson, president and chief executive officer, FM Global, said the result was a validation of the business model of the firm.
“Our mutuality and strong specialty focus remain unique to FM Global, differentiate us in the market, and provide a distinct advantage for our company. It also keeps our clients resilient,” Lawson said.
The company listed the industry-first training centre currently under construction in Singapore as a business highlight for 2016.
The S$80 million development will help boost loss prevention in the region and provide a hands-on training facility to increase disaster resilience across the region.
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