Daily Insurance Industry News
Daily Insurance Industry News
Saturday 24th of March 2018
March 2, 2011

FM Global reports 2010 results

by Richard Kilner

Story link: FM Global reports 2010 results

Global business property insurer FM Global has reported its 2010 financial results, which saw the policyholder surplus rise 16% to a record US$7.3bn.

The record result is attributed to a combination of robust underwriting and a solid investment performance.

Gross premium in force was up marginally (by 2%) to US$4.8bn, and the firm made an annual net profit of US$687m.

However, this was substantially down from 2009’s net income of US$840m.

FM Global posted a profitable combined ratio of 82.8%, exceeding its expectations, and maintained its client retention rate at an above average 94%.

The year also saw the firm celebrate its 175th anniversary, with events hosted worldwide in 25 cities.

Chairman and Chief Executive Officer Shivan S. Subramaniam stated that the firm’s core values are as relevant and steadfast as they were when it was founded.

Subramaniam expressed an optimistic note about FM Global’s future prospects and said the firm was off to a great start in the new decade.


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