First Mutual Holdings will tighten the screws on premiums collection and enhance service provision as part of concerted efforts to maintain growth.
Chief executive Mr Douglas Hoto said after the group’s annual general meeting on Tuesday that maximising collections and debt control would be key to achieving growth.
He said that technically, the business was growing as reflected in the top line, but this should be complemented with diligent premiums collection.
“In terms of the top line, the business is growing (as such) minimising debts is important. Secondly, service provision is also important,” he said.
Mr Hoto said the group needed to ensure that claims are paid in time to maintain confidence in the operations of the firm during the difficult times.
In a trading update at the annual general meeting, Mr Hoto said gross premium income was up 14 percent to $38,2 million for the four months to April against $33,5 million in the same period last year while retrocession were 31 percent up on 2013 at minus $2 801.
Net premium increased by 20 percent to $35,4 million while net premium earned jumped 22 percent to $35,5 million, which saw total income for the four months to April 2014 surging 20 percent to $37,8 million.
