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Soaring net income Step Financial Holdings

by

Charles Mathieu

7 August 2019 11:30

Photo : Freepik

Step Financial Holdings has recorded a net profit of 55.6 million during the second quarter of 2019. The results of the company’s portfolio were in the red during the first quarter.

After Step Financial Holdings, the sale ofEchelon Insurance at CAA Club Group, concluded in may 2019, is the reason behind this rise in revenues. During the same fiscal year 2018, Step recorded a net profit of 3 964 million.

The income related to operations discontinued is $ 55.4 million in the second quarter. At the same date last year, this amount was $ 4.2 million.

The net income for the first half of 2019, is 46,62 million, as the company had recorded a loss of approximately $ 9 million during the first three months of the year.

Increase in direct premiums written

Direct written premiums increased to half a million dollars compared to 2018, to reach 10,97 million. “The company is conservative in terms of underwriting, pending the implementation of a fare increase,” stresses Echelon.

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