FM Global posts solid profits, some growth
FM Global, one of the world’s largest business property insurers, has posted solid profits in its 2013 results and some growth.
The mutual ended 2013 with consolidated gross premium in force of $5.6 billion, a 2.7 percent increase compared to 2012, and its policyholder surplus grew by 22.9 percent to $9.7 billion.
Its net income was $1.02 billion, up 32 percent over the prior year. Its combined ratio in 2013 was 77.7 percent.
It also boasted of a client retention rate of 95 percent, approximately a one percent increase over 2012 and significantly higher than industry averages.
“2013 was a very successful year which can be attributed to the commitment we share with our policyholder-owners to make their facilities and businesses more resilient,” said Shivan Subramaniam, chairman and chief executive officer. “These results reinforce the quality of our mutual business model, our balance sheet strength, and the trusted partnerships we have formed with our clients.
“Looking ahead to 2014, which marks our 179th year in business, FM Global will continue to focus on developing and delivering proven, cost-effective solutions to make our policyholders’ organizations more resilient to business interruption anywhere in the world, while providing stable risk-transfer solutions that are compliant with local regulatory requirements.”
