General Accident Insurance saw its pre-tax profit soar to $126.5 million during the second quarter ending June this year, 58 per cent higher than the comparative quarter in 2018.
At the same time, the company posted $104.4 million in profit after tax for the three months ended June 2019, up from $79.6 million in the second quarter of 2018.
The strong performance was fueled by a significant increase in General Accident’s gross written premiums, which stood at $3.8 billion, nearly 60 per cent above the comparative quarter.
The company enjoyed improved technical results, reversing an underwriting loss of $410,000 in the three months ending June 2018, to recording an underwriting profit of $39 million during the current period.
At the same time, net earned premiums increased by 25 per cent, up from $402.6 million.
Also, during the period, technical income increased by 14 per cent, moving from $148 million in the second quarter of 2018 to $169.8 million in the review period.
Management expenses for the quarter totaled $223.8 million, 25 per cent above prior year. While other operating expenses stood at $23.4 million, more than double the amount incurred in the comparative period.
Nonetheless, the company saw improvements in its investment income during the second quarter ending June 2019, recording a seven per cent increase, up from $41.5 million in 2018.
General Accident ended the second quarter with a book value of $2.19 billion and generated annualized return on average equity for shareholders of 12.8 per cent.