Clientèle Delivers Record Results
Clientèle Limited Financial Results for The Year Ended 30 June 2014
The on-going focus on quality and the process of ingraining sustainability practices and principles is bearing fruit and the Board is pleased to announce that the Clientèle Group (“the Group”) has achieved good operating results for the year, despite the tough economic environment. The strong production experienced in the second half of the 2013 financial year has continued throughout this year while the quality of new business written has improved on last year.
- The Value of New Business (“VNB”) is up 111%;
- Recurring Embedded Value Earnings are up 27%;
- Headline earnings for the Group are up 5%;
- Return on average shareholders’ interests of 57% for the year;
- Diluted headline earnings per share for the year are up by 4%;
- Net insurance premium revenue is up by 14%;
- A dividend of 78,00 cents per share for the year ended 30 June 2014 has been declared on 18 August 2014.
Clientèle Life – Long-term insurance
- Net profit for the year up by 10%.
Clientèle General Insurance (Clientèle Legal) – Short-term insurance
- Net profit for the year up by 35%.
The Board’s focus for the future will be on customer centricity and quality new business volumes building on the sustainability principles and practices, which have now been ingrained, in order to continue the momentum that has been built in production and to maintain the quality of new business written. Significant attention will also be given to initiatives to improve withdrawals in respect of older duration policies. The Board remains focused on providing products and services that are relevant to its policyholders’ needs and thereby growing a sustainable Financial Services Group and creating on-going value for all its Stakeholders.
Commenting on the results for the period, Basil Reekie, Managing Director said: “I am pleased to report an excellent set of financial results for the 2014 financial year. The value of new business, gross premium income, and embedded value earnings are outstanding. Our continued performance excellence is a direct consequence of our strategic focus, cost containment, innovation and long-term sustainability planning.”
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