FMG has released its Annual Report, reporting a strong financial result despite navigating the most significant year for weather-related events in its history.
FMG Chief Executive Adam Heath says the result reflects both the strength of the Mutual and the importance of taking a long-term approach.
"Like farming, insurance has its ups and downs. This year brought some significant challenges, including four major weather events, but the strength of the Mutual meant we were there to support our Clients and Members when they needed us most," says Adam Heath.
Despite the more challenging claims environment, FMG reported a Net Profit after Tax of $69.3 million and increased Capital Reserves to $593.6 million, up from $524.3 million last year. Insurance Revenue increased to $709.2 million from $675.5 million.
Investment returns of $45.2 million supported the year's result, while FMG's Adjusted Solvency Ratio improved to 2.49 times the Reserve Bank's Prescribed Capital Requirement.
"Our founders started this Mutual with a simple promise - farmers backing farmers. More than 120 years later, that promise still guides how we operate today.
"As a Mutual, we take a long-term approach. Strong years help build resilience for more challenging years, so we can continue supporting Clients and Members when they need us most.
"That means having the financial strength to respond to large-scale disasters and a future shaped by more frequent and severe weather events."
FMG now supports 129,961 clients and Members across New Zealand Aotearoa and maintained its A (Excellent) Financial Strength Rating from AM Best.
The year also included several significant milestones. FMG was named New Zealand Aotearoa Cooperative/ Mutual of the Year for the second year running and received the Enduring Service Award in recognition of more than 120 years of supporting rural New Zealand Aotearoa.
Looking ahead, FMG remains focused on helping build strong and prosperous rural communities while continuing to invest in its people, systems and services to better support our Clients.
