5 August 2019 11:30
Photo : Freepik
The company has recorded a net profit of $ 21.9 million in the second quarter of 2019. This is the first time since the first quarter of 2017 that the insurer is in the green. At the same date last year, the company reported a loss of 25.1 million dollars.
Thus, since the beginning of the year, the company generated a profit of $ 18.1 million. Last year, a deficit of $ 26.3 million was recorded after 6 months.
“The improvement of the operational performance in the second quarter is encouraging. Although we have benefited from fewer catastrophe losses, our improvement plan is clearly working and contributes to the improvement of our technical results, ” says Rowan Saunders, president and ceo of Economical. Our rate increases and our strategic investments in Sonnet and in Vyne are the engine of our growth, while our underwriting activities corrective reshape our business portfolio. “
The combined ratio of the insurer in the second quarter was 103%, a decrease of 11.5% when compared to the same period last year.
Decrease in gross premiums written
The amount of the gross premiums written decreased 1.5% when compared to the same fiscal year 2018, to reach 659.2 million.
Premiums for individuals have increased by 3%, while those related to business activities declined by 12.8%. Everything, according to the Company, is related to their ” plan for long-term recovery required to achieve profitability “, it said in a statement released by the insurer.
Note that since the beginning of the year, the gross premiums written are of 1,169 billion, whereas after six months in 2018, this amount was 1,140. This is an increase of 2.5%.