Mutual & Federal - Third Quarter Operational Updat
Mutual & Federal - Third Quarter 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")
THIRD QUARTER OPERATIONAL UPDATE
Strong results in a softening cycle
Mutual & Federal has continued to perform strongly despite an ongoing softening
of the short term insurance market and increasing pricing pressure on premium
income. Total gross premiums for the nine months to 30 September 2005 increased
by 7% to R6.0 billion (30 September 2004: R5.6 billion).
Healthy underwriting surplus maintained
The underwriting surplus for the nine months to 30 September 2005 has remained
broadly in line with the equivalent period last year, as the management of
claims and expenses continues to positively impact results.
Quarterly premium summary
2005 2004 %inc
Gross premiums (Rm)
First quarter 2,060 1,894
Second quarter 1,902 1,698
Third quarter 2,042 2,001
Year to date 6,004 5,593 7%
Fourth quarter 1,767
Full year 7,360
Net earned premiums (Rm)
First quarter 1,727 1,515
Second quarter 1,753 1,623
Third quarter 1,868 1,815
Year to date 5,348 4,953 8%
Fourth quarter 1,783
Full year 6,736
Johannesburg
14 November 2005
Sponsor
Nedbank Capital
Date: 14/11/2005 08:00:50 AM Produced by the JSE SENS Department
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