PHOENIX
Assurance net profit has nosedived almost forty times to 172.09m/- from 6.5bn/-
as a result of surging total claims and expenses in 2016.
The financial statement showed that
total claimed surged by slightly over 50 per cent to 5.34bn/- in 2016 from
3.5bn/- in 2015. The firm, one of the giant ones in the country, gross premium
written increased to 31.35bn/- at the end of last December from 24.61bn/- of
2015.
However, the amount was eaten by some
reinsurance provisions to reduce the earnings to 10.31bn/- similar to net
written amount generated in 2015.
Phoenix, which provides a whole gamut of
general insurance products ranging from aviation to personal accident, paid
gross claims and benefit of 7.05bn/- up from 5.84bn/-.
The firm has excellent capacities and
terms provided by their reinsurers such as Swiss Re, world number one, Hannover
Re, ranked 6th in the world, GIC of India, Africa Re, and PTA Re.
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