Promina declares sturdy first year profit
ProminaGroup, formerly Royal & SunAlliance, has reported solid performance in its first year as a listed and rebranded entity, with each of its three business units contributing to a $298 million net profit for the 2003 calendar year.
The group is also set
to undertake a $250
million to $300 million non-dilutive capital raising in the first half of this
year, although it is subject toAustralian Prudential Regulation Authority(APRA) and other regulatory approval.
The group’s financial services division, which includesAsteron,Tyndall, New Zealand Guardian Trust and Guardian Trust Funds Management, chipped in by posting a collective $77 million in net profit for the broader group.
Meanwhile, its direct insurance division, which includes AAMI and Australian Pensioners Insurance, reported a net profit after tax of $99 million despite operating in a tough sector of the market.
Its third area of operations, Promina’s intermediated general insurance business — Vero — made a significant contribution to the group’s overall performance with a net profit of $147 million.
“Our 2003 results clearly demonstrate that our strategy of specialisation creates advantage, with all of our uniquely focused and autonomous businesses contributing significantly to the overall profit of the group,” Promina chief executive Michael Wilkins says.
The $298 million net profit figure was generated from total revenue of $2.4 billion.
Recommended for you
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford take a look at the Reserve Bank’s expectation-defying interest rate hold and whether the move is the start of a fundamental change in the central bank’s approach.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford break down the flurry of activity and announcements since the calendar ticked over to FY26, from ASIC action to super fund results.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to explore the major global and domestic forces shaping investment markets in 2025, from ongoing geopolitical tensions and the NATO summit to US President Donald Trump’s trade policy and the One Big Beautiful Bill.
In this week’s episode of Relative Return Insider, Professor Robert Brooks of Monash Business School joins the show to unpack the economic and market implications of rising tensions between Israel and Iran.
