NFU Mutual profits stabilise
By FWi staff
NFU Mutual – the UKs largest farm insurer – has reported a trading profit of £69 million for 1997, exactly the same as last year.
The companys underwriting loss was £29m, more than twice 1996 levels, but added investment income made up the difference, said chairman Alun Evans at the companys annual general meeting.
Income from premiums was virtually unchanged at £321m. This was attributed to continuing sales growth.
Funds managed by the NFU Mutuals investment team increased to over £6.3bn during the year. Business increased by 20%, but much of this came from non-agricultural rural sources.
As part of the Mutuals continuing commitment to British agriculture, £3m was given to the NFU to help mount the “Keep Britain Farming” campaign.