Fidelity Life reports record profit
Fidelity Life has reported a record profit of $15.5 million for the year ended 30 June 2008, an increase of 20% over last year’s result of $12.9 million.
Tuesday, November 4th 2008, 6:25AM
Additionally, the directors have authorised an ordinary dividend of 100 cents a share compared to 75 cents last year.
Since its inception in 1973 Fidelity Life’s assets have grown from a quarter of a million to over half a billion dollars.
Fidelity Life chief executive Milton Jennings says stability has been a core focus from day one.
“It’s Fidelity Life’s level of stability that will provide reassurance to the market during these uncertain and turbulent economic times.”
Jennings says the past year has been demanding, with the introduction of new adviser and provider regulations, a new taxation regime, the introduction of KiwiSaver and the international and local credit crunch.
“Many hurdles presented themselves this past year, but Fidelity Life was able to overcome them and still make a healthy profit.”
Ratings agency AM Best has reaffirmed Fidelity Life’s A- (Excellent) credit rating.
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