NFU customers can expect to see 2007 renewal premiums drop by up to 10%
NFU Mutual is to lower general insurance customers' 2007 renewal premiums by up to 10% through the company's MutualBonus scheme.
Citing lower than expected claims costs as a key contributor in the move, NFU group chief executive Ian Geden said: "2006 was a year of good results and significant progress on all major fronts – and as we are a mutual our members will be benefiting from our success."
He reported a year of continuing growth for both NFU Mutual's general insurance and life businesses which resulted in a £384m after-tax profit. General insurance premium income increased by 3% to £868m and new business – from both farming and non-farming customers – resulted in an extra 70,000 covers going on the books.
The company's strong financial performance enabled it to further strengthen its balance sheet, he continued. Funds under management exceeded £11bn for the first time in its 96-year history, while its running costs remained amongst the lowest in the insurance industry.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
