FMG News
FMG Records $13.53m Profit
Rural insurance company FMG has announced an annual profit of $13.53 million for the year to 31 March 2007.
Outgoing FMG chairman Peter Jensen said the highlight of the result was a 7.2% growth in premiums, ahead of the market average.
Mr Jensen said the result is down on last year’s profit of $25.25 million due largely to three factors. First, a $10 million general insurance claims increase – a good claims experience in Australia partially offset a claims increase in New Zealand of $16.4 million on the back of extreme weather events, most notably snow storms in Canterbury and floods in Northland. Second, a lowered investment income of $5.1 million as the market came off the highs recorded in 2005-6. Third, a $5.9 million write-off recorded against a discontinued software project.
Mr Jensen said these issues were partly offset by $8.9 million from the sale of the Australian businesses and FMG’s life insurance business in New Zealand.
For more information, contact:
Jacqui van Roij
Brand & Communications Manager
027 664 7127
jacqui.vanroij@fmg.co.nz
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