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Chris Black
New Zealand owned rural insurer FMG has announced an after tax profit of $26.7 million – its sixth consecutive profit.
“This has been another successful year for FMG,” says chief executive Chris Black. “Making a profit and increasing reserves each year supports our growth model and puts us in a strong position to be there for clients when the unexpected happens. Our reserves are currently more than double the minimum required by the Reserve Bank of NZ.”
Black says the result enables the company to keep premium increases to a minimum.
FMG’s pre-tax profit was underpinned by an underwriting result of $7.9m and investment income of about $23m. It increased its share of the overall insurance market to almost 5% and the rural insurance market to 42%.
Blacks says because FMG is mutual, it has a higher sense of accountability in giving back to the rural community.
“We do this in many ways including risk-advice service and sponsorships… graduate programmes and scholarships.
“In 2015 we partnered with the Mental Health Foundation to launch Farmstrong, a non-commercial rural wellness programme based on farmer insights and research to support farmers and growers on ways to ‘live well and farm well’. This initiative is different and timely.”
Nationwide rural wellbeing programme, Farmstrong recently celebrated its tenth birthday at Fieldays with an event attended by ambassador Sam Whitelock, Farmers Mutual Group (FMG), Farmstrong partners, and government Ministers.
2025 marks 120 years of FMG Advice and Insurance in New Zealand's rural communities.
National Lamb Day, the annual celebration honouring New Zealand’s history of lamb production, could see a boost in 2025 as rural insurer FMG and Rabobank sign on as principal partners.
As New Zealand enters the summer months, rural insurer FMG is reminding farmers and growers to take extra care with a new campaign.
Rabobank New Zealand has appointed the bank's global chief compliance officer Angelique Meddeler to its board.
According to the latest Beef + Lamb New Zealand (B+LNZ) Stock Number Survey, sheep numbers have fallen by 1% while beef cattle numbers rose by 4.4%.
Beef + Lamb New Zealand says it is seeing strong farmer interest in its newly launched nProve Beef genetics tool, with early feedback and usage insights confirming its value in helping farmers make better breeding decisions and drive genetic improvement in New Zealand's beef herd.
The Innovation Awards at June's National Fieldays showcased several new ideas, alongside previous entries that had reached commercial reality.
To assist the flower industry in reducing waste and drive up demand, Wonky Box has partnered with Burwood to create Wonky Flowers.
Three new directors are joining Horticulture New Zealand’s board from this month.
Beef + Lamb New Zealand (B+LNZ) says proposed changes to the Emissions Trading Scheme (ETS) will leave the door wide open for continued conversions of productive sheep and beef farms into carbon forestry.
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