The Hibernian Group today announced continuing strong operating performance from its businesses in the first half of 2002.
The Hibernian Group today announced continuing strong operating performance from its businesses in the first half of 2002.
The highlights of Hibernian’s results are:
- Total Group operating profit up 9% to €94m on an achieved operating profit basis.
- Gross premium income up 1% to €958m.
- Life and Pensions new business sales up 28% to €106m on an APE basis, with new business contribution up 24% to €27m.
- General Insurance premiums up from €418m to €474m with operating profit up from €26m to €35m.
- Funds under management up 5% to €7,148m.
Commenting on the results, Bryan Jenkins, the new Chief Executive of Hibernian Group, said
“2002 to date has been a year of strong operating performance in our Life & Pensions and General Insurance businesses. Unfortunately, turbulent stock markets worldwide have taken their toll, providing a difficult operating environment.”
“In Hibernian Life & Pensions, €36.7m of new premium from the Government sponsored Special Savings Investment Account contributed to growth of 28% in new business APE relative to the same period last year. A fall of 30% in Single Premium sales was offset by growth of 76% in Annual Premium sales, with both Life and Pensions ahead. New business margins fell slightly in the period, to 25.7%.”
“The level of operating profit from General Insurance has recovered from the depressed levels of recent years, although this has been substantially eroded by stock market falls. We are committed to implementing the measures contained in the Motor Insurance Advisory Board report, issued earlier in the year, intended to reduce the cost of claims and their settlement”.
Aviva plc shareholders entitled to receive a dividend converted to euro will receive €0.1397 per share. The payment date of the dividend will be 15 November 2002 and the record date will be 27 September 2002.
Irish shareholders are offered the opportunity to participate in the Group’s dividend reinvestment plan that enables dividends to be reinvested in Aviva plc shares at reduced dealing costs. Shareholders who wish to do so should contact the Group’s Registrars at the address below in order to obtain full details and a mandate form. Completed mandate forms must be returned to the Registrar no later than 25 October 2002 in order to participate in the plan for the 2002 interim dividend.
The Group’s Registrar may be contacted at:
Lloyds TSB Registrars, The Causeway, Worthing, West Sussex, BN99 6DA.
- ENDS -
| APPENDIX | ||
|
| ||
| 6 months to | 6 months to | |
| 30-Jun-02 | 30-Jun-01 | |
| IRISH GROUP | ||
| Gross premium income | 957.9 | 946.2 |
| Operating profit (incl life achieved profit) | 94.4 | 86.4 |
| LIFE & PENSIONS | ||
| Achieved Operating Profit | 58.7 | 59.7 |
| Embedded Value | 743.8 | 780.4 |
| New Business Contribution | 27.3 | 22.1 |
| Gross Premium Income | 484.2 | 528.5 |
| New Business Premium Income (APE) | 106.1 | 82.9 |
| GENERAL INSURANCE | ||
| Gross Written Premium Income | 473.7 | 417.7 |
| Operating Profit | 34.6 | 25.9 |
| INVESTMENT MANAGEMENT | ||
| Funds under management | 7,148 | 6,831 |
| Operating Profit | 1.1 | 0.8 |
Press contact:
Kela O’Riordan
kela.oriordan@hibernian.ie
Tel: 01 607 8164, Tel: 086 606 8842
Notes to editors
- Hibernian is part of the Aviva plc, the seventh largest insurance group worldwide
- Hibernian is Ireland’s largest composite insurer, ranked first for general insurance and top five for life and pensions
- A photograph is available by ISDN
- Hibernian news releases are also available on www.hibernian.ie