New Zealand-owned insurer FMG has released its results for the financial year 2018.
Among the highlights for the firm were its net profit after tax of $12.1 million – a turnaround from last year’s $3.3 million loss - and a 12.8% leap in gross written premium sitting at $283 million.
FMG said the positive results were on the back of an unprecedented year of extreme weather events, which in themselves cost $26 million. Overall, claims incurred increased by $10 million compared to last year to stand at $162 million this year.
“Being here when the unexpected happens is the key proof point for any insurer and I’m proud of the way the mutual has responded to last year’s storms and the Kaikoura Earthquake, helping affected communities get back on their feet as soon as practically possible,” FMG CEO Chris Black said. “As a mutual, we work hard to ensure the level of cover for the premium paid represents good value.”
FMG noted that 2018 was also a record year in terms of headline growth for the mutual for both general and personal insurance.
This reflects the fact that more farmers and growers, commercial businesses, lifestyle block owners and residential clients, are electing to put their trust in FMG, it added.
