Promina weathers storms to post healthy result
A 10.7 per cent increase in profit recorded by its financial services division combined with a record insurance margin of 11.7 per cent helped drive Promina Group to a 7.9 per cent increase in net profit of $545 million for the year ended December 31.
In an announcement released on the Australian Stock Exchange today, Promina Group paid particular tribute to its financial services division, which it said had recorded a net profit after tax of $145 million.
It said one of the most pleasing aspects of this result had been the performance of the New Zealand business, which had recorded an increase in net profit after tax of 32.4 per cent to $45 million.
It said the wealth management business had also achieved significant success, fuelled by buoyant markets and Tyndall’s disciplined adherence to the principles of value investing. It said overall, funds under management had increased by 16.6 per cent to $12.5 billion.
Commenting on the results, Promina managing director Mike Wilkins said the company’s strategy of specialisation and focus allowed it to overcome difficult market conditions and the challenges posed by Cyclone Larry and the South Island snowstorms in New Zealand.
“This strategy has enabled us to deliver strong returns, including our highest-ever margin in general insurance, and impressive profit growth in our financial services businesses,” he said.
AUTHOR
Mike Taylor
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