FMG News

FMG's rating outlook revised upward

A.M. Best has revised FMG's financial strength rating from A- (Excellent) with a stable outlook to A- (Excellent) with a positive outlook. At the same time FMG’s core subsidiary, FMG Insurance Limited (FMGIL), has also been moved to an A- rating with a positive outlook.

The revision of the group's rating outlook reflects its stable earnings prospects and expected growth in capital, which showed reasonable growth during the year due to positive group operating performance in the face of significant weather-related claims.

The group's 2007/08 financial result also supports this positive outlook, with an 11% increase in total equity on the back of an 8.6% increase in premiums in New Zealand and a profit before tax of $12.5m.

The group's ability to continue healthy profit achievement in another year affected by significant weather events demonstrates its ongoing strength and stability.

Click here to read the AM Best Press Release 20 June 2008.pdf(20.49 KB)

Click here to read more about Best’s Financial Strength Ratings.

Click here to read more about Best’s Issuer Credit Ratings.