FM Global announces profit boost

Global firm sees profit and gross premium rise as part of its annual results

FM Global announces profit boost

Insurance News

By Jordan Lynn

Property insurance specialist FM Global has announced boosted profits and gross premium as part of its annual results.

The global firm saw total gross premium hit US$5.43 billion, compared to US$5.39 billion in the prior year, while net income rose 8% to US$796.8 million.

The insurer was able to post a solid result in a fiercely competitive global market and retain 96% of its client base.

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Thomas A. Lawson, president and chief executive officer, FM Global, said the result was a validation of the business model of the firm.

“Our mutuality and strong specialty focus remain unique to FM Global, differentiate us in the market, and provide a distinct advantage for our company. It also keeps our clients resilient,” Lawson said.
The company listed the industry-first training centre currently under construction in Singapore as a business highlight for 2016.

The S$80 million development will help boost loss prevention in the region and provide a hands-on training facility to increase disaster resilience across the region.

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