| Thu 5 Nov 2009, 9:00 | | MAF - Mutual & Federal - Quarterly operational update |
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MAF
MAF
MAF - Mutual & Federal - Quarterly operational update
MUTUAL & FEDERAL INSURANCE COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1970/006619/06
Share code: MAF ISIN No: ZAE000010823
("Mutual & Federal" or "the company")
Quarterly operational update
Trading conditions in the third quarter of 2009 continued to reflect the
difficult economic conditions in South Africa, which have resulted in subdued
levels of consumer expenditure.
As a result of these pressures, there was a marginal 2% decline in premiums,
both for the third quarter 2009 compared to the third quarter 2008, and for 2009
year-to-date compared to 2008 year-to-date, in the corporate, commercial and
conventional personal portfolios. Premiums within the personal group schemes
portfolio declined by approximately 40% for the year-to-date due to the
cancellation of a number of unprofitable schemes during 2008.
Investment returns for the nine months have been most satisfactory following the
adverse experience of 2008. Although interest rates have fallen to low levels,
returns on equity shares have been highly positive in line with improvements in
international equity markets and this has positively impacted both profitability
and solvency.
9 Months ended 30 September 2009
Rm 2009 Change 2008
Quarter 3
2009
vs Quarter 3
2008
Quarter Half Quarter Value % Quarter Half Quarter Full
1 Year 3 1 Year 3 year
Gross
writ
ten
pre
mium 2,385 4,358 6,454 (575) (8%) 2,566 4,689 7,029 9,159
Net
earned
pre
mium 1,855 3,550 5,189 (632) (11%) 2,086 3,914 5,821 7,669
Mutual & Federal`s trading update for the nine months ended 30 September 2009,
released today, can be accessed on Mutual & Federal`s website:
http://www.mf.co.za
Johannesburg
5 November 2009
Sponsor
Nedbank Capital
Date: 05/11/2009 09:00:01 Produced by the JSE SENS Department.
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