Freedom Insurance Group Limited (ASX: FIG), a specialist in risk insurance business announced the appointment of Chief Executive Officer, Mr. Sean Williamson effective from 14 December 2018. Mr. Sean Williamson has a total experience of 25 years in the life insurance industry where he has played a wide range of role in technical, distribution, strategy and general management. His entire working experience includes his ten years’ experience in TAL where he played a role of senior leadership.
Mr. Craig Orton who was earlier heading the position of chief executive officer of FIG will be assisting with the transition responsibilities till 31 December 2018.
Ms. Pauline Vamos who is the chairperson of the FIG appreciates Mr. Craig Orton for his valuable contribution during the challenging phase of the company. She also welcomes, the new CEO of the company Mr. Sean Williamson. She believes that the experience of Mr. Williamson in the life insurance industry, operations, and his customer-centric approach will help FIG to enhance the shareholder’s value.
There was a further update that Mr. Adam Scobie will be playing the role of the Acting chief financial officer who joined FIG in March 2018. He also holds vast experience in those companies who were operating into life insurance, general insurance and health insurance, reinsurance, and another financial services sector.
The company got listed on ASX in the year 2016. Since then, there is a continuous negative performance of the company. The last 1-year performance of the company is -94.94%.
The financial year 2018, reports a fall in EBITDA by 11%. EBITDA is an important parameter to measure the performance of the company. As a result, there was an influence on the net revenue in FY2018. The impact on net revenue was due to short-term lead quality which hurt the sales and the upfront commissions. On the other hand, there was a growth in the trail income and trail asset which resulted in making the profit on the sale of NobleOak shares. The company has also invested a considerable sum of money on those staff who were responsible for creating leads and its sales team. The company also spent in the additional support staff. The company also introduced new life product on which company made investments. The company also acquired St Andrew which is another source of increased expenditure.
There was an increase in the customer by 24% as compared to the previous financial year to 357,000. The total in-force premium was up by 14% as compared to FY2017.
As a result of the acquisition of St Andrew and the company’s growth in the new product makes the balance sheet look strong. There is also a growth in the net asset base of the company as compared to the previous financial year. There is also an increase in the accumulated profit which creates a positive impact on the investors and the shareholders of the company. The total shareholder’s equity is worth $67.6 million.
The last traded price of the FIG share was A$0.022 and traded flat today with the market capitalization of A$5.27 million and PR ratio 0.4x (as on 17 December 2018).
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.
As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.