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

 


FMG Achieves Excellent Results

For Immediate Release
13 August 2004

FMG ACHIEVES EXCELLENT RESULTS

Leading rural financial services company FMG has posted a profit before tax of $12.6 million in the 2003/2004 year.

Chief Executive Gordon Smith says the result was extremely pleasing as the company was also able to increase equity in reserves by 15.7%, pushing total reserves to a healthy $63.5 million.

"FMG has achieved excellent results this year, following three years of repositioning. Our concentration on core business activity that we know best has enhanced our general insurance products, policy wording and service delivery."

Mr Smith says the strong profit result is based on a better underwriting result, better investment return and an increase in market share and premium income.

"Our results represent excellent progress for the group and further strengthen our ability to provide the product and security that will continue to meet the needs of customers in rural New Zealand and Australia."

Mr Smith says other highlights from the year included a 10.4% growth in general insurance premium income, a 21.4% increase in total operating revenue and the maintenance of the company's A- (Excellent) rating from the international rating agency, AM Best Company.

He says the company also experienced exceptional growth in its Australian operation.

"We are unique in our unwavering support of the rural market as a manufacturer and distributor of financial services."

FMG now has 36% market share of rural general insurance in New Zealand and is the undisputed market leader.

"The total concentration on selected core business functions is enabling us to better support customer needs and exceed service expectation."

Mr Smith says as a mutual, FMG's ethos is to support communities throughout the year and in times of need.

To this end, the company donated $200,000 to the Manawatu, Wanganui, Rangitikei and surrounding districts flood relief fund following the devastating floods experienced in February 2004 and donated $15,000 to assist farmers with fencing replacement following the Mount Somers fires in Mid-Canterbury.

Based in Palmerston North and formerly Farmers' Mutual Group, FMG offers a select range of financial services covering:

* Rural, commercial and domestic general insurance in support of rural communities

* A total package of life insurance products

* A full service finance company

* A quality financial advisory service.

"Our future aim is to achieve a greater focus on enhancing client relationships, further business growth and profitability to ensure the future of the business for all customers, existing and potential," Mr Smith says.

FMG holds its 99th annual meeting at Rongotea on August 19.

Visit www.fmg.co.nz for more information on FMG and its products and services.


© 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