JOHNSTON, R.I., USA—FM Global, one of the world’s largest business property insurers, announced today that it ended 2013 with consolidated gross premium in force of US$5.6 billion, a 2.7 percent increase compared to 2012, and policyholder surplus grew by 22.9 percent to US$9.7 billion
Net income was US$1.02 billion, up 32 percent over the prior year, and the mutual insurance company posted a combined ratio of 77.7 percent.
“2013 was a very successful year which can be attributed to the commitment we share with our policyholder-owners to make their facilities and businesses more resilient,” said Shivan S. Subramaniam, chairman and chief executive officer. “These results reinforce the quality of our mutual business model, our balance sheet strength, and the trusted partnerships we have formed with our clients.”
Among the company’s other 2013 highlights:
“Looking ahead to 2014, which marks our 179th year in business, FM Global will continue to focus on developing and delivering proven, cost-effective solutions to make our policyholders’ organizations more resilient to business interruption anywhere in the world, while providing stable risk-transfer solutions that are compliant with local regulatory requirements,” said Subramaniam.
About FM Global
Established in 1835, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management. Its client-owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every three FORTUNE 1000 companies. They work with FM Global to better understand the key property hazards that can impact their business continuity to make cost-effective risk management decisions combining property loss prevention with insurance protection.