10th Aug 2018 09:34
LONDON (Alliance News) - International benefits insurer GBGI Ltd on Friday said it expects full-year gross written premium and net income to be in line with expectations as premiums in the first half of 2018 grew.
The company said it saw growth in gross written premium across its product and regional footprint, recording year-on-year growth, adjusted for the group's exit from the Angolan market in 2017.
GBGI said it anticipates that gross written premium and underlying net income, adjusted for some one-off expenses, for the full 12 months to December 31 will be "broadly in line with initial expectations".
Non-recurring expenses incurred this year are estimated to be approximately USD2.8 million, including a USD2.0 million investment in the company's distribution channels, said GBGI.
Chief Executive Bob Dubrish was optimistic about the company's first half, commenting: "We have a strong start to the third quarter and we are confident in our business model and that we are making good progress on our 2018 initiatives."
The company is due to release its interim results in September.
Shares in GBGI were up 7.1% at 105.50 pence each on Friday.