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First Mutual Holdings Limited (FML) posted an overall profit of $132 000 for the year ended December 31, 2015, shifting from a loss position of $5,1 million in the prior comparable period. Group CEO Mr Douglas Hoto attributed the improved performance to a number of factors including “increased revenue mainly in the health and re-insurance businesses, efficient claims management and cost containment strategies, including the staff rationalisation exercise carried out in 2014,” he said in a statement accompanying the results.
The group’s Gross Premiums Written (GPW) rose 1 percent to $116,1 million, from the prior year figure of $115,3 million.
During the period under review, rental income decreased by 3 percent from $7,5 million in 2014 to $7,3 million, a development management attributed to current challenges faced by tenants as well as the resultant decline in occupancy levels and rentals per square metre.
The average rental per square metre decreased from $7,86 in 2014 to $7,58 last year.
FML incurred investment losses of $4,7 million last year compared to investment losses of $3,8 million in 2014 in line with the downward movement in the stock market. — BH24
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