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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.”
Nationwide rural wellbeing programme, Farmstrong recently celebrated its tenth birthday at Fieldays with an event attended by ambassador Sam Whitelock, Farmers Mutual Group (FMG), Farmstrong partners, and government Ministers.
2025 marks 120 years of FMG Advice and Insurance in New Zealand's rural communities.
National Lamb Day, the annual celebration honouring New Zealand’s history of lamb production, could see a boost in 2025 as rural insurer FMG and Rabobank sign on as principal partners.
As New Zealand enters the summer months, rural insurer FMG is reminding farmers and growers to take extra care with a new campaign.
Rabobank New Zealand has appointed the bank's global chief compliance officer Angelique Meddeler to its board.
The Government is set to announce two new acts to replace the contentious Resource Management Act (RMA) with the Prime Minister hinting that consents required by farmers could reduce by 46%.
Prime Minister Christopher Luxon says withdrawing from the Paris Agreement on climate change would be “a really dumb move”.
The University of Waikato has broken ground on its new medical school building.
Undoubtedly the doyen of rural culture, always with a wry smile, our favourite ginger ninja, Te Radar, in conjunction with his wife Ruth Spencer, has recently released an enchanting, yet educational read centred around rural New Zealand in one hundred objects.
Farmers are being urged to keep on top of measures to control Cysticerus ovis - or sheep measles - following a spike in infection rates.
The avocado industry is facing an extremely challenging season with all parts of the supply chain, especially growers, being warned to prepare for any eventuality.
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