OUTsurance earnings set to surge as SA underwriting improves

Insurance group OUTSurance Holdings Limited expects earnings to rise by up to 24% in response to healthy underwriting growth in its South African business.

The JSE listing rules require companies to issue a statement to the market when they expect profit to be 20% lower or higher than the previous financial reporting period.

OUTsurance’s South African property and casualty operations achieved notable earnings growth due to improved underwriting margins, meaning lower claims payouts and controlled expenses, while its Australian insurance business, Youi, faced challenges from natural disaster losses.

ADVERTISEMENT

CONTINUE READING BELOW

Read:
OUTsurance, Shoprite, and the art of flying high in global markets
OUTsurance raises the bar with the best overturn ratio in the industry

OUTsurance share price

OUTsurance Life reported strong new business growth but saw limited earnings growth compared to the prior year, which the group described as strong, and OUTsurance Ireland expanded its market presence and reported a loss but the group described them as declining monthly operating losses.

ADVERTISEMENT:

CONTINUE READING BELOW

Its results are expected to be in this range:

OUTsurance Holdings Group: R4.962 billion, an increase of 18% to 24%
OUTsurance SA: R2.928 billion, an increase of 40% to 46%
Australian insurer, Youi Group: R2.290 billion, a decrease of 4% to 10%
OUTsurance Life: R349 million, a decrease of 17% to 23%
OUTsurance Ireland: a loss of R402 million

OUTsurance expects to report results on 10 September.

#OUTsurance #earnings #set #surge #underwriting #improves