Group overview

RMB Structured Insurance

Gustavo Arroyo //
Chief executive officer
  Gustavo Arroyo
     

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Over the last five years RMBSI have focused on a diversified business strategy to bolster its retainer base income on the back of the more traditional insurance business. This is beginning to bear fruit and the business mix is trending in the right direction.

In 2011 RMBSI recovered from the setback that it suffered during 2009/2010 as a result of losing a major retail client and it reported a significant improvement in profits for the period ended 30 June 2011. Shareholder profit after tax for June 2011 amounted to R92 million (2010: R13 million).

The main driver of the improved results was the release of insurance reserves in the offshore business as a result of an overfunded position on a long tail liability policy.

Over the last five years RMBSI have focused on a diversified business strategy to bolster its retainer base income on the back of the more traditional insurance business. This is beginning to bear fruit and the business mix is trending in the right direction.

RMI Holdings included R48 million of RMBSI’s earnings in its normalised earnings for the four month period.

   

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