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Johannesburg - Insurance group
Metropolitan, which is in the process of being merged with
FirstRand subsidiary Momentum, on Tuesday reported a 6% increase in
recurring premium income for the first quarter of 2010.
In the corporate
business, recurring premiums increased from R417m in the comparable quarter last year to
R456m this year, while that for the retail business increased
from R1.156bn to R1.196bn.
In the international
business, recurring premiums were up from R266m to R248m.
The group said that recurring
premium new business, excluding the discontinued direct marketing channel, had exceeded
expectations in both the retail and international businesses.
New business recurring
premiums in the retail business were down slightly on the same quarter last year - from R209m to R204m, and in the corporate business from R31m to R29m, but were up in international business
from R31m to R40m - a 29% improvement.
In the latter division, the
new business annual premium equivalent (APE) and recurring premium income recorded for the
first quarter were the highest for the past five years, with good growth
recorded in both the Nigerian and Ghanain operations.
APE in the international
business increased from R37m to R42m.
Ape in the retail business
declined from R264m to R239m, while that for the corporate business
increased by 70% from R83m to R141m.
Metropolitan said that
despite the merger deliberations, it remained business as usual on the operational front.
It added that all the markets
in which it operated had shown signs of recovery during the first quarter of 2010. However,
the sustainability of this recovery remained uncertain.
Total claims paid to policyholders
had ended 13% below the levels paid out in 2009.
Life insurance administration
expenses were also well controlled, with growth being restricted to below 1%.
Overall, the group maintained its
positive net cashflow, recording just over R1.4bn in net inflows.
Looking ahead, the group said that
volatile local and global investment, financial and economic markets remain challenging.
- I-Net
Bridge