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FIRST Mutual Holdings Limited realised a three percent growth in gross premium written at $39 million in the four months to April from $38 million in the comparative period last year.
Total income stood at $38.37 million in the period under review from $37.84 million in the prior year rising by a marginal one percent.
Net premium written rose by a marginal one percent to $35.76 million from $35.41 million same period last year.
FMHL group chief executive officer Douglas Hoto said yesterday that rental income at $2.53 million from $2.65 million was a decrease of five percent due to low occupancy levels particularly in the central business district.
He said the low occupancy was however mitigated by better performance of other sectors particularly the retail and health.
Hoto said in the four months to April claims were being managed in the right direction at $22.69 million from $21.01 million.
“Last year claims had a 30 percent increase compared to prior year. This means that claims are being managed in the right direction,” said Hoto.
Property expenses surged by 24 percent to $356,000 from $287,000 recorded in the comparative period last year. Hoto said the expenses relate to maintenance of buildings most of which are not occupied.
Other property companies have also reported low occupancy for buildings situated in the central business district.
They cite the surge in vendor numbers in the CBD forcing most corporate tenants to move to low density areas and office complexes away from the CBD.
Gross premium written at First Mutual Life retreated 10 percent to $9.84 million from $10.90 million recorded last year.
First Mutual Health increased 11 percent to $17.74 million from $16.01 million the comparative period last year.
In the four months under review, other income mainly actuarial from third parties was down 40 percent to $365,000 from $609,000 last year.
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