Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Record Year For HIH Insurance In New Zealand

Major risk insurer HIH Casualty and General Insurance (NZ) Ltd (HIHNZ) has announced record turnover and profit for the year to June 30, 2000.

HIH Casualty and General Insurance (NZ) Ltd and subsidiaries earned $114 million in underwriting revenue from premiums and commissions (up 38% on the comparable 12-month period last year) and consolidated after tax profit of $22.1 million (up 410%).

A consolidated underwriting surplus of $3.9 million was augmented by $11.6 million of investment and other income, and a tax credit of $6.6 million.

The group in New Zealand had total assets at June 30 of $300 million, with equity of $132.5 million, up from $110.4 million 12 months previously.

Earlier in the week Standard's and Poor's lifted its negative CreditWatch rating from HIHNZ and reaffirmed the company's A- credit rating, assigning it a higher insurer financial strength than its Australian-based parent company, HIH Insurance Ltd.

The Standards and Poor's upgrading was largely the result of HIHNZ's new strong stand-alone financial structure. This included the appointment of an independent supervisor to control company distributions and ensure that HIHNZ's assets and income continue to support its A- rating.

Managing director of HIH in New Zealand, Ross Chapman, says the year end results reflect a dynamic year for HIHNZ with the release of several new risk products into the New Zealand market.

These included New Zealand's first private legal aid insurance cover, Self Defence, which was launched in March and has attracted strong sales activity.

This was followed by an employee rights product that gives employees access to expert help in resolving employment disputes without having to be members of a trade union.

HIH has also been very active in supporting employers in the wake of changes to ACC legislation, Mr Chapman said.

"Our broker network and clients have welcomed our initiatives in all these areas," Mr Chapman said. "Their support has enabled the New Zealand group to achieve record year end results and to continue trading strongly since June 30.

"The positive outcomes of our financial results and the Standard and Poor's reassessment clearly signal that our growth strategy of combining product innovation with a strong financial base is being well-received by the marketplace."

Issued by HIH Casualty & General Insurance (NZ) Ltd on 7th December 2000

For further information, please contact Mr Chapman on 379 7697 or 021 965 303

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Corrections Corrected: Supreme Court Rules On Release Dates

Corrections has always followed the lawful rulings of the Court in its calculation of sentence release dates. On four previous occasions, the Court of Appeal had upheld Corrections’ practices in calculating pre-sentence detention. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>


Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>


Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news