Kia ora koutou katoa. We are living in challenging times as we all continue to navigate the changing mix of pressures that have arisen from the Covid-19 pandemic—rising inflation, supply chain constraints, growing geo-political tensions and the increasing environmental challenges due to Climate Change.
In short, there’s a lot going on at the moment. During these difficult and complex times, it’s important that FMG has a long-term lens and prepares for future challenges, to help ensure we're here when you need us. That’s why the theme of this FMG Post is ‘In it for the long haul’. A strong and prosperous Mutual means we can continue to help build strong and prosperous rural communities.
As we prepare for what’s ahead, it’s pleasing the Mutual has experienced another strong year thanks to the continued support of members and the contribution of our highly engaged employees. This is bolstered by our strong levels of client satisfaction, coupled with FMG’s commitment to its core purpose of providing ‘a better deal for rural New Zealand’.
FMG has returned a $22.8m profit after tax for the 2022 financial year. Posting a sustainable level of profit enables investment back into the Mutual to deliver fit-for-purpose products and helps FMG be there when the unexpected happens. You can read our full Annual Report on our website
Being proudly New Zealand owned means we’re able to direct profits back into rural and provincial Aotearoa New Zealand. We do this through the provision of risk advice to clients and the support FMG provides to their businesses through our sponsorship of events and initiatives in rural communities.
This year, Net Client Growth was up 6.3% and, as with previous years, it is pleasing to see more and more people and businesses electing to place their trust in a 100% New Zealand owned mutual insurer.
We continue to see strong growth in our digital channel with 44,000 clients now registered for FMG Connect, an increase of 102% year-on-year. As more clients seek to engage with FMG online, we will continue to invest in and evolve our digital offering.
Our strategic partnerships with Federated Farmers and Farmlands are an integral part of our success, both on-farm and across the wider sector. We appreciate the importance of these relationships and strong partnerships and many of them have had their foundations laid over the 117-year history of the Mutual.
Our goal, as always, is to be a sustainable mutual insurer, continuing to invest in our people, our core Insurance capabilities, and our ability to deliver high quality Advice and Insurance when and how clients choose. This will enable FMG to be both a ‘better’ as well as ‘bigger’ Mutual as we move into the future.
On behalf of the Mutual, I’d like to take this opportunity to personally thank you for your continued support—and placing your trust in the Mutual.
Kind regards / Ngā mihi,
Chief Executive, FMG