FML total income up 20% in 1Q14

FML total income up 20% in 1Q14
Published: 04 June 2014
First Mutual Holdings recorded a 20% growth in total income for the period ended 30 April on the back of increase in rental income and premium, group CE Doug Hoto told the AGM yesterday.

Giving the trading update, he noted that the group's total income went up 20% to $37.84 million as rental income increased by 5% to $2.659 million.
 
"For the first four months of the year, the revenue which is made up of premium income and rental income; if you add those two you get about $41 million," he said.
 
Hoto noted the 14% increase in gross premium written to $38.21 million while net premium written closed 20% up at $35.41 million.
 
"Retrocession has gone down from $4.058 million to $2.801 million signifying modification of business internally," he noted.
 
The claims were up 30% to $21.01 million in the period under review and Hoto noted that last year the claims provisioning was still in the formative stages and they've now incorporated the actuarial control cycle to put a more robust claims reserve.
 
Commission went up 15% to $2.459 million "in sympathy with the premium."
 
FML's technical profit grew by 9% to $1.033 million while investment income was 142% down to $1.967 million. PAT for the period under review decreased by 75% to $1.107 million.
 
Total assets were 6% up to $216.5 million.
 
The group's directors were re-appointed and fees of $83 011 approved while auditors Ernst and Young Chartered Accountants were re-elected with remuneration of $468 513 also approved.

- zfn
Tags: FML,

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