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Ansvar Insurance, Australia’s leading insurance provider for the Community, Care, Education, Faith and Heritage sectors, has posted its best results since 2008 with a profit before tax of $11.6 million. In addition A.M. Best Asia-Pacific Limited has affirmed its financial strength and issuer rating of A- (excellent). The outlook for both ratings is stable.
CEO Warren Hutcheon said “We are pleased with our recent financial results and A.M. Best ratings. It demonstrates the efficiency of our new operating model and that our key strategic projects are working.”
The key drivers of the improved outcomes included Ansvar’s new property reinsurance arrangements, the strength of its balance sheet, improved underwriting results, reductions in operating expenses and strong investment returns. The investment performance was a key driver of the profit after tax of $7.3 million and the pre-tax return on capital of 15.5%.
Ansvar also delivered an underlying underwriting profit after excluding discount rate movements relating to reductions in market interest rates. These discount rate movements were more than offset by corresponding market gains in the investment portfolio.
“More pertinently, Ansvar’s renewal rate in this period exceeded 90% which was an impressive result in a very competitive market and demonstrates Ansvar’s strong relationships with its broker partners and customers. It is very rewarding to see our company sustain its position as one of the most trusted insurers in the core sectors of Community, Care, Education, Faith and Heritage,” said Warren.
About Ansvar Insurance
Ansvar is a leading specialist commercial and consultative insurer offering tailored insurance products and services to the Care, Community Service (including Not-for-Profit), Education, Faith and Heritage sectors. With more than 50 years of experience in the Australian insurance industry Ansvar has developed a deep understanding of its clients’ needs, and the risks and challenges they face, as well as the environments in which they operate.
Ansvar is a subsidiary of Ecclesiastical Insurance Office plc (Ecclesiastical) which was established in the UK in 1887. Ecclesiastical is owned by a charity and all available profits are distributed for the benefit of the church and the community.