Promina profitable in first period as public company

The newly listed Promina Group has revealed a $135 million profit after tax for the six months to June 30, with its financial services businesses performing in line with full year expectations detailed in its prospectus.

The group’s profit was struck on net earned premiums of $1,187 million, and was attributed to solid underwriting performance, growth of specialty businesses, increased investment income and a favourable claims environment.

The financial services division posted a net profit before tax of $54 million, compared with a full year forecast of $70 million.

Promina says Asteron, the group’s life risk insurance business, posted a sound performance with good growth and better than expected claims outcomes.

Tyndalland Guardian Trust Funds Management, the group’s funds management operations, also made positive contributions to the overall result according to Promina.

The group says they were also able to deliver good returns for investors by outperforming most benchmarks in the tough market conditions of the first half.

The asset administration businesses of the group performed in line with expectations and are tracking towards a full year break even result as forecast in the prospectus, the group says.

Promina chief executive Mike Williams says the company is pleased to be announcing such solid results for its first period as a publicly listed company, and that the business will continue to focus on core competencies.

Promina listed on the Australian and New Zealand Stock Exchanges in May after raising $1.9 billion in an initial public offering (IPO) to retail and institutional investors.

In the release of the results, the company paid a fully franked interim dividend of 3.5 cents per share.