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FMG retains positive outlook
Media Release
Issued 19 June 2009
For immediate
release
FMG retains positive outlook
Farmers’ Mutual Group (FMG) has received a financial strength rating of A- (Excellent) with a positive outlook from global credit rating organisation A.M. Best Co.
FMG Chief Executive Chris Black welcomed the result, stating that “whilst FMG has not been immune from the effects of extremely difficult economic times, the continuity of an A- rating is well supported by a strong equity position and demonstrated focus on improving and growing the business through a unique approach of identifying and managing risk for clients”.
FMG’s 2008-09 financial result saw a loss after tax of $5.9m reflecting the impacts of higher claims, including significant storm losses, and the downturn in global investment markets. Despite this GWP continued to experience positive growth to nearly $119million.
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