Emerald Insurance announces positve results
Emerald Insurance Company Ltd, one of South Africa’s largest specialists in the Corporate Property and Engineering market today announced a profit for the year of R3.68m for the year ended 30th June 2008.
Commenting on the performance, Managing Director Gary Corke (pictured) reflected on the tough trading conditions experienced by the market over the period which saw a significant increase in fire related losses in the corporate and industrial sectors, resulting in the loss ratio deterioration to 67% (2007: 53%).
Increases in investment income as a consequence of higher interest rates were offset by negative revaluations in the equity portfolio due to unrealized losses.
Looking positively ahead, Corke noted the increase in Gross Premiums to R317m (up 25% over the previous period). The growth, much of which had been experienced over the second half of the year was likely to continue with market conditions hardening. This would have a positive impact on earnings in the new financial year.
“In isolation, the performance may not appear impressive, however in comparison to many in the corporate property market we can be proud of what we have achieved. We are certainly looking forward to more positive results for both ourselves and our reinsurers over the next trading period” concluded Corke.
