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FMG’s rating outlook revised upward

Media Release

Issued 26 June 2008
For immediate release


FMG’s rating outlook revised upward

A.M. Best has revised Farmers’ Mutual Group (FMG) financial strength rating from A- (Excellent) with a stable outlook to A- (Excellent) with a positive outlook. At the same time FMG’s core subsidiary, FMG Insurance Limited (FMGIL), has also been moved to an A- rating with a positive outlook.

The revision of the group’s rating outlook reflects its stable earnings prospects and expected growth in capital, which showed reasonable growth during the year due to positive group operating performance in the face of significant weather-related claims.

The group’s 2007/08 financial result also supports this positive outlook, with an 11% increase in total equity on the back of an 8.6% increased premiums in New Zealand and a profit before tax of $12.5m. Although profit was down on the previous year, the group’s ability to continue healthy profit achievement in another year affected by significant weather events demonstrates its ongoing strength and stability.

A.M. Best press release issued 23 June 2008 follows.

ends

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