The 92nd Annual General Meeting of IPB Insurance took place on Friday, 27th April 2018 at the Ashling Hotel, Dublin. In advance of addressing Nominees, Chairman George Jones welcomed all attendees and led tributes and a minute’s silence for former IPB Chairman, Jerry Lodge, who passed away earlier in the month.
The Chairman expressed satisfaction with IPB’s strong performance in 2017, which resulted in a Surplus Before Tax (SBT) of €42.3 million. He acknowledged that while major challenges remain, the overall outlook for the insurance industry was beginning to improve. He noted that IPB’s Members continue to face growing demand on limited resources particularly for vital services centred around three key areas, namely; Housing, Roads and Environment. The Chairman concluded his address with an upbeat message that the Mutual will continue to increase the breadth and depth of coverage for all insurable risk exposures facing Members into the future.
CEO Michael Garvey presented a review of the year and overview of IPB’s full year financial performance. IPB reported an increase of 13% in Gross Written Premiums to €141m. Total claims incurred for the period rose to €95m for the year. A highlight of the overall performance was the return to underwriting profitability; IPB recorded a €2.7 million profit on underwriting activity following two consecutive years of losses. Above-forecast investment returns were achieved despite some volatility in the financial markets. These outcomes combined to result in an overall surplus (before tax) for the year of €42.3m.
There was an excellent turnout for the meeting and attendees were engaged with the presentation and fielded interesting and thought provoking questions for the Board. A big thank you to all the IPB employees who were involved in the delivery of the event.