The Hibernian Group today announced another year of strong growth in 2001 with almost €2bn business written, confirming Hibernian as a significant part of CGNU plc which has announced its results today.
The Hibernian Group today announced another year of strong growth in 2001 with almost €2bn business written, confirming Hibernian as a significant part of CGNU plc which has announced its results today.
The highlights of the Hibernian's results are:
- Total Group operating profit up 28% to €156m.
- Gross premium income up 37% to €1,934m.
- Life and Pensions new business sales up 26% to €164m on an APE basis, with achieved operating profit up 13% to €127m.
- General Insurance premiums up from €643m to €845m with operating profit recovering from €7.2m to €26.3m.
- Hibernian Investment Management funds up 13% to €7,028m.
Commenting on the results, Pat McGorrrian, Chief Executive, Hibernian Group, said: "2001 was the year in which we completed the integration of the businesses forming the Hibernian Group. The fact that we have achieved 37% growth in gross premium income to almost €2bn and a 28% increase in operating profit to €156m during such a year of integration is a testament to the efficiency and hard work of our management and staff."
"In Hibernian Life and Pensions, operating profit grew by 13% to €127m, including a 36% increase in the contribution from new business. A 31% increase in Pensions APE was particularly pleasing."
"General Insurance operating profit has shown some recovery from the very depressed level of 2000 but, at 3% of premiums, still remains below the cost of capital. The industry continues to face serious challenges from the increasing cost of court awards, high claims inflation and the escalating problem of uninsured drivers on our roads. It is imperative that the Government and legal profession work with the insurance industry to urgently tackle all of the factors which influence the cost of insurance."
"We have now completed the integration of the businesses of Hibernian, CGU, Norwich Union and Friends First General Insurance. The Hibernian Group is now the largest composite insurer in Ireland; the largest general insurer, number four in life and pensions new business and a top five fund manager. In addition we have a significant opportunity for further growth with over one million customers, a very competitive cost base and an unrivalled product range across our businesses".
CGNU plc shareholders entitled to receive a dividend converted to euro will receive €0.3886 per share. The payment date of the dividend will be 17 May 2002 and the record date will be 2 April 2002.
Irish shareholders are offered the opportunity to participate in the Group's dividend reinvestment plan which enables dividends to be reinvested in CGNU 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 April 2002 in order to participate in the plan for the 2001 final dividend.
The Group's Registrar may be contacted at:
Lloyds TSB Registrars,
The Causeway,
Worthing.
West Sussex.
BN99 6DA.
- ends-
Appendix
Hibernian Group
2001 Financial Summary
| 12 months to 31 Dec 2001 | 12 months to 31 Dec 2000 | |||
| | | |||
| €m | €m | |||
| Irish Group | ||||
| Gross premium income | 1,933.7 | 1,406.5 | ||
| Operating profit (incl. life achieved profit) | 155.5 | 121.7 | ||
| Life & Pensions | ||||
| Achieved operating profit | 126.8 | 112.3 | ||
| Embedded value | 762.7 | 771.0 | ||
| New business contribution | 46.5 | 34.2 | ||
| Gross premium income | 1,088.4 | 763.2 | ||
| New business premium income (APE) | 163.7 | 130.4 | ||
| General Insurance | ||||
| Gross written | ||||
| Premium income | 845.3 | 643.3 | ||
| Operating profit | 26.3 | 7.2 | ||
| Investment Management | ||||
| Funds under management | 7,028 | 6,237 | ||
| Operating profit | 2.4 | 2.2 |
Notes: Numbers are shown on a consistent Irish GAAP basis.
Press contact:
Kela O'Riordan, Hibernian Group Communications Manager
01 617 8164
086 606 8842
kela.oriordan@hibernian.ie
Notes to editors:
- Hibernian is part of the CGNU 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 http://www.hibernian.ie/