7 May 2018, 11:30
The net profit attributable to ordinary shareholders ofthe Empire life insurance Company deteriorated in the first quarter of 2018 compared to the same period of 2017. It amounted to 38.7 million dollars ($M), compared to 50.2 M$, a decrease of approximately 23 %.
The insurer says that the benefits of the first quarter include a rise in expected profit on in-force business in the sector of individual insurance and actuarial gains higher in individual insurance and in group insurance.
Results “consistent with expectations”
“Our three business segments have shown good performance. The net premiums were up 4 % compared to the previous year, and profits generated from the core business activities are in line with our expectations. The results of the first quarter of 2017 included a gain on investments and a gain arising from the matching of assets and liabilities is higher than normal. This quarter, we have implemented the TSAV and we continue to provide a strong capital position, ” says Mark Sylvia, president and chief executive officer.
In addition, Empire Life reports to have increased 5.3 per cent in its assets under management, which amounted to $ 17.3 billion.