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Investments help Fidelity's profits

Fidelity Life has reported another strong profit, boosted by its growing investment business.

Friday, March 24th 2006, 4:19PM
Fidelity Life has reported a record interim result for the six months ending December 31, achieving a net surplus after tax of $4.9 million, a 67% increase over the same period last year.

Total assets increased by 13% to $287m during the six months under review, due to strong investment performance and positive cash flow since June 30, the company says.

Chief executive Milton Jennings attributes this positive result to a number of factors including the strong performance of the investment markets over the previous six months.

“Fidelity Life is continuing to cement itself in the marketplace and this result reflects the growth we have seen in both risk and investment business recently”.

In the life insurance market, latest Investment Savings and Insurance Association statistics show that Fidelity has 4.56% market share in what is called the total market of annual premium income.

These figures show it has increased its market share by about 12.6% in the past year.

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