Promina profitable in first period as public company
The newly listed Promina Group has revealed a $135 million profit after tax for the six months to June 30, with its financial services businesses performing in line with full year expectations detailed in its prospectus.
The group’s profit was struck on net earned premiums of $1,187 million, and was attributed to solid underwriting performance, growth of specialty businesses, increased investment income and a favourable claims environment.
The financial services division posted a net profit before tax of $54 million, compared with a full year forecast of $70 million.
Promina says Asteron, the group’s life risk insurance business, posted a sound performance with good growth and better than expected claims outcomes.
Tyndalland Guardian Trust Funds Management, the group’s funds management operations, also made positive contributions to the overall result according to Promina.
The group says they were also able to deliver good returns for investors by outperforming most benchmarks in the tough market conditions of the first half.
The asset administration businesses of the group performed in line with expectations and are tracking towards a full year break even result as forecast in the prospectus, the group says.
Promina chief executive Mike Williams says the company is pleased to be announcing such solid results for its first period as a publicly listed company, and that the business will continue to focus on core competencies.
Promina listed on the Australian and New Zealand Stock Exchanges in May after raising $1.9 billion in an initial public offering (IPO) to retail and institutional investors.
In the release of the results, the company paid a fully franked interim dividend of 3.5 cents per share.
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by special guest Shane Oliver, chief economist at AMP, to break down what’s happening with the Trump trade and the broader global economy, and what it means for Australia.
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford take a look at what’s making news in the investment world, from President-elect Donald Trump’s cabinet nominations to Cbus fronting up to a Senate inquiry.
In this new episode of The Manager Mix, host Laura Dew speaks with Claire Smith, head of private assets sales at Schroders, to discuss semi-liquid global private equity.
In this episode of Relative Return, host Laura Dew speaks with Eric Braz, MFS portfolio manager on the global small and mid-cap fund, the MFS Global New Discovery Strategy, to discuss the power of small and mid-cap investing in today’s global markets.