The 91st 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