Calliden profit up by 600%
Calliden Group is flexing new muscles with a 600% boost in net profit for 2008, strong growth in gross written premium and a mission to take on the big boys.
The company also declared a fully franked dividend of 1.25 cents per share, its first as a general insurer.
Calliden has recorded full-year net profit of $9.15 million, compared with $1.3 million in 2007, boosted by a $2.1 million tax benefit.
Gross written premium jumped 61% to $200 million.
CEO Nick Kirk told an investor briefing Calliden intends to build bottom-line strength and continue “to simplify and streamline the business and unlock the potential within the organisation”.
“The group’s conservative investment philosophy has protected it from the worst of investment market volatility,” Mr Kirk said. “Our technical funds are duration-matched, which has cushioned us from the impact of reduced interest rates.
“We believe that the breadth of our offering and our geographical reach make us now a genuine alternative to the major insurers.”
The company also declared a fully franked dividend of 1.25 cents per share, its first as a general insurer.
Calliden has recorded full-year net profit of $9.15 million, compared with $1.3 million in 2007, boosted by a $2.1 million tax benefit.
Gross written premium jumped 61% to $200 million.
CEO Nick Kirk told an investor briefing Calliden intends to build bottom-line strength and continue “to simplify and streamline the business and unlock the potential within the organisation”.
“The group’s conservative investment philosophy has protected it from the worst of investment market volatility,” Mr Kirk said. “Our technical funds are duration-matched, which has cushioned us from the impact of reduced interest rates.
“We believe that the breadth of our offering and our geographical reach make us now a genuine alternative to the major insurers.”