NicozDiamond profit drops

In a post half year update, operations manager Noel Manika told analysts that Gross Premiums Written to July 16 were up by 3.7 percent to $26.5 million compared to $25.5 million in the same period last year.

“Up to July, we have seen in terms of the top line growth of 3.7 percent which we are happy about given that within the local market we have seen the income going down but not for Nicoz Diamond,”said Manika.

Retention ratio for the half year stood at 65 percent and the group is targeting to reach 70 percent in a mid term plan.

“We are far ahead in terms of retention ratio. At Nicoz Diamond we are retaining more which is a much healthier position… As Nicoz Diamond we want to get at least at 70 percent,” said Manika.

The group’s claims increased by 32 percent to $4.9 million in the first six months largely driven by motor section with claims worth $3.3 million.

“What is important is to focus on the performance of our biggest class which is motor and our main focus area for now is to insure that claims for the motor book remain under control,” said Manika.- The Source

(70 VIEWS)