The 91^st Annual General Meeting of IPB Insurance CLG took place on Friday, 28 April at The Ashling Hotel, Dublin. Chairman of IPB Insurance, George Jones noted IPB’s solid performance in a challenging environment and also acknowledged the key challenges facing Members particularly in the areas of housing, infrastructure, education, enterprise and community development.

This was followed by a detailed review of the financial and operational performance for the year, presented by IPB’s Chief Executive Officer, Michael Garvey.  He reported that Gross Written Premium (GWP) grew by 10% year-on-year to €124.9m. Total claims paid during the year amounted to €78.3m meanwhile IPB’s underwriting performance resulted in a loss of €3.9m.

However, the overall performance for the year resulted in a surplus before tax (SBT) of €18.2m. This was driven mainly by better than expected investment returns of €23.1 million during the year and delivered against a backdrop of a volatile year for the financial markets in general.

Please click to view IPB Insurance Annual Report 2016