RESULTS – SIX MONTHS ENDED 30 JUNE 2002 Message from managing director Nick Beyers
Our Board approved the interim results presented at the meeting held on 31 July and the salient figures are given below. Full details, as published in the press, are contained in the attached sheet.
Rand thousands
Gross written premium
1 356 914
Underwriting profit
4 980
Investment income
64 807
Net income after tax
93 867
Total assets
2 191 153
Solvency margin (%)
47,3
We are delighted that our underwriting results have turned in a profit and are beginning to see the benefits of the remedial actions that were put in place in 2001. The tragic events of 11 September last year, forced insurers to revisit their rates. These factors, together with the new business that's been gained as a result of market consolidations and the inflationary increases in sums insured, has enabled us to post an improved result. There is however still work to be done and we intend taking further corrective action to improve areas that are not performing satisfactorily.
Plans are currently under way to centralise our personal lines portfolio and separate this from our commercial business. We are in the process of preparing a communication initiative to inform you of these exciting developments.
We have been experiencing difficulties with certain aspects relating to the Aquila Rex project and have appointed a task team to resolve these problems as soon as possible. Early indications are that the situation is becoming more controllable and that an improvement in our service should be noticeable fairly soon. To those of you who have been affected, please be assured that we are doing our utmost to rectify matters and we appreciate your patience and understanding.
In closing, I'd like to take this opportunity to thank you, our business partners, for your loyalty and continued support.
