Thursday, 20 August 2015 06:00

FMG records another profit

Written by 
Chris Black Chris Black

New Zealand owned rural insurer FMG has announced an after tax profit of $26.7 million – its sixth consecutive profit.

“This has been another successful year for FMG,” says chief executive Chris Black. “Making a profit and increasing reserves each year supports our growth model and puts us in a strong position to be there for clients when the unexpected happens. Our reserves are currently more than double the minimum required by the Reserve Bank of NZ.”

Black says the result enables the company to keep premium increases to a minimum.

FMG’s pre-tax profit was underpinned by an underwriting result of $7.9m and investment income of about $23m. It increased its share of the overall insurance market to almost 5% and the rural insurance market to 42%. 

Blacks says because FMG is mutual, it has a higher sense of accountability in giving back to the rural community.  

“We do this in many ways including risk-advice service and sponsorships… graduate programmes and scholarships.  

“In 2015 we partnered with the Mental Health Foundation to launch Farmstrong, a non-commercial rural wellness programme based on farmer insights and research to support farmers and growers on ways to ‘live well and farm well’.  This initiative is different and timely.”

» Connect with Rural News

More like this

Record claims hit FMG

Rural insurer FMG says paying out a record amount of claims, because of the Kaikoura earthquake, has seen it incur a loss for the latest financial year.

» The RNG Weather Report



Proper training beats learning on the hoof

New Zealand's first professional dairy cow hoof trimmer has fulfilled a long-held dream, setting up a training institute to bring internationally recognised standards of hoofcare to the industry.

FE researchers aim to raise awareness

Facial eczema in dairy cattle can cause significant production losses without visible symptoms, says a new group formed to raise awareness of the disease.

» Connect with Rural News

» Connect with Rural News

» The RNG Weather Report

» Latest Print Issues Online

The Hound


The Hound notes that one of the country’s poorest financially performing state-owned enterprises – the Government farming entity Landcorp (or…

Rural revolt

Your old mate hears that the antics of the Government – especially the NZ First component – are fuelling motivation…

» Connect with Rural News