Parliament

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

New Reports: Flood Risk From Rain And Sea Under Climate Change

One report looks at what would happen when rivers are flooded by heavy rain and storms, while the other examines flooding exposure in coastal and harbour areas and how that might change with sea-level rise.

Their findings show that across the country almost 700,000 people and 411,516 buildings worth $135 billion are presently exposed to river flooding in the event of extreme weather events...

There is near certainty that the sea will rise 20-30 cm by 2040. By the end of the century, depending on whether global greenhouse gas emissions are reduced, it could rise by between 0.5 to 1.1 m, which could add an additional 116,000 people exposed to extreme coastal storm flooding. More>>

ALSO:

 
 

Gordon Campbell: On The Commerce Commission Fuel Report

The interim Commerce Commission report on the fuel industry will do nothing to endear the major oil companies to the New Zealand public... More>>

ALSO:

Emergency Govt Bill: Overriding Local Licensing For The Rugby

“It’s pretty clear some clubs are having difficulty persuading their district licensing committees to grant a special licence to extend their hours for this obviously special event, and so it makes sense for Parliament to allow clubs to meet a community desire." More>>

ALSO:

Leaving Contract Early: KiwiBuild Programme Losing Another Top Boss

Ms O'Sullivan began a six-month contract as head of KiwiBuild Commercial in February, but the Housing Ministry has confirmed she has resigned and will depart a month early to take up a new job. More>>

ALSO:

Proposed National Policy Statement: Helping Our Cities Grow Up And Out

“We need a new approach to planning that allows our cities to grow up, especially in city centres and around transport connections. We also have to allow cities to expand in a way that protects our special heritage areas, the natural environment and highly productive land." More>>

ALSO:

Ombudsman's Report: Ngāpuhi Elder 'Shocked' By Conditions At Ngawha Prison

A prominent Ngāpuhi elder is shocked to find inmates at Ngawha Prison are denied water and forced to relieve themselves in the exercise yard... Chief Ombudsman Peter Boshier has released a report highly critical of conditions at the Northland prison. More>>

ALSO:

Promises: Independent Election Policy Costing Unit A Step Closer

The creation of an entity to provide political parties with independent and non-partisan policy costings is a step closer today, according to Finance Minister Grant Robertson and Associate Finance Minister James Shaw. More>>

ALSO:

School's In: Primary And Intermediate Principals Accept New Offer

Primary and intermediate school principals have voted to accept a new settlement from the Ministry of Education, which includes entrenched pay parity with secondary principals. More>>

ALSO:

IPCA On 'Rawshark' Investigation: Multiple Police Failings In Hager Searches Confirmed

The Independent Police Conduct Authority has found that the Police's unlawful search of Nicky Hager's property in October 2014 resulted from an unwitting neglect of duty and did not amount to misconduct by any individual officer... More>>

ALSO:

Broadcasting Standards: Decisions On Coverage Of Mosque Attacks

The Authority upheld one of these complaints, finding that the use of extensive excerpts from the alleged attacker’s livestream video on Sky News New Zealand had the potential to cause significant distress to audiences in New Zealand, and particularly to the family and friends of victims, and the wider Muslim community. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels