Doubles dividend.
Short-term insurer OUTsurance has reported strong earnings growth for the financial year ended June 2023, boosted significantly by its Australian operations, which helped to offset the impact of power cuts, higher claims inflation, vehicle theft and reinsurance costs.
Operating profit in the business grew by 41.7% to R4.073 billion amid premium growth, and as the net claims ratio declined from 56.1% to 53.6% during the period.Normalised earnings grew by 39.8% to R3.238 billion, supporting the improvement in normalised return on equity to 29.8%, from 22% in the last comparable period.OHL’s earnings were significantly boosted by the performance of Youi, the group’s Australian business.
“Profit growth was also robust on account of more favourable weather-related claims in Australia as well as timeous action to combat the effects of a sudden reset in vehicle accident frequency as well as higher claims inflation, load shedding, vehicle theft and reinsurance cost. ADVERTISEMENT CONTINUE READING BELOW “Importantly, the group has managed to steer growth segments towards profitability through a clear focus on cost efficiencies, scale and claims ratio improvements,’ Visser added.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Italian island struggles as migrant surge doubles populationTensions broke out on Wednesday as food was being distributed by the Italian Red Cross, which runs the facility, causing police to intervene.
Read more »
Italian island struggles as migrant surge doubles populationThe tiny Italian island of Lampedusa struggled on Thursday to cope with a surge in migrant boats from North Africa after numbers peaked at 7 000 people - equivalent to the entire local population.
Read more »
Treasury weighs new fiscal anchor to help contain debt surgeNational treasury has proposed a new fiscal anchor as part of measures to regain the country’s fiscal credibility.
Read more »
Treasury wants a 'fiscal anchor' - like a debt ceiling - to contain debt surgeSouth Africa’s National Treasury proposed introducing a new fiscal anchor as part of measures to contain rising debt and regain the country’s fiscal credibility.
Read more »
SA weighs new fiscal anchor to help contain debt surgeRevised spending allocations and projections will be given when Godongwana delivers his medium-term budget policy statement on November 1.
Read more »
China retail sales surge in August, boost hopes for economyChinese retail sales jumped last month, data showed Friday, beating expectations and fuelling hopes that the country's army of consumers are returning to help kickstart the world's number two economy after an extended period of weakness.
Read more »