Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Customer Focus Lifts AMI Result

Leading New Zealand-owned fire and general insurer, AMI Insurance today reported an improved result for the year ending 30 June which the company attributes to a strategy of ensuring its customers remain the centre of its business.

AMI reported a tax paid profit of $15.2 million ($10.2 million) on total premium income of $169.8 million ($163.3 million). Claims costs increased 0.4% to $115.9 million.

Chief executive, John Balmforth, said the result was a tribute to the loyalty of our customers and the focus of the AMI team in delivering outstanding customer care.

“Our reserves have passed the $120 million mark for the first time to reach $120.6 million and we have increased our solvency margin to 71.73%. This provides reassurance for our more than 450,000 policyholders in terms of our financial strength,” says Mr Balmforth.

“A 15% increase in investment income to $13.6 million in a volatile investment environment was also a very satisfactory element.

International rating agency AM Best has reconfirmed AMI’s A (Excellent) rating for claims paying ability.

Mr Balmforth acknowledged that while moderate weather patterns had helped keep claim levels steady, weather related claims were more prominent in the Auckland, central North Island, Wairarapa, Canterbury, Otago and Southland regions during year.

He said AMI’s customer care strategy of making customers the focus of all activities, concentrating on core personal insurance lines and retaining a network of branches backed by call centres and agencies was paying off although this approach “was at odds with our competitors. Our customers tell us they want personal service through local branches”.

AMI had also refined its market leading plain English policies for customers during the year.

Mr Balmforth said AMI staff had played a big part in the good result which was reflected in an independent survey that rated AMI as “the industry benchmark in terms of customer care”.

“Our people provide the enthusiasm and leadership that brings AMI to life – their commitment to our strategic direction delivers outstanding customer care and results.”

AMI intends to continue to reward customer loyalty by limiting premium increases where possible but economic factors beyond AMI’s control, changes in risk profile in some customer segments and geographic areas, may necessitate adjustment over the forthcoming year, he said.

“AMI celebrates its 75th anniversary next year and we remain proud of the fact that since 1926, we have stayed loyal to our mutual philosophy of being owned by our policyholders and retaining profits to keep premiums competitive.”


AMI FIVE-YEAR SUMMARY ($000)

1996 1997 1998 1999 2000
Written premiums $ 137.5 151.5 158.6 163.3 169.8
Tax paid Profit $ 5.9 8.6 11.2 10.6 15.2
Cost of claims $ 107.4 111.6 111.1 115.5 115.9
Total assets $ 149.1 167.9 176.5 187.7 208.6
Solvency margin % 56.6 60.4 62.5 65.2 71.73

…./ends

For further information: John Balmforth
Chief Executive Officer
AMI Insurance
Tel: (03) 371-8311
Mobile: c/- (025) 428-217

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news