European Reliance General Insurance Co. S.A. recently held its ordinary general meeting, approving the annual financial statements for 2016 and a dividend of 11 cents per share.
The board of directors pointed to significant gains made in 2016 in its review of the company's activities last year. European Reliance General Insurance saw pre-tax profits rise to $23.2 million, an increase of nearly 30 percent. Gross written premiums and related income rose to $194.3 million, a 3 percent increase, according to a press release.
The company’s net worth increased by 18.6 percent to $108.5 million, and its total assets increased by 8.9 percent to $436.4 million. Insurance reserves rose 6.3 percent, hitting $300.9 million, and investments increased from $315.7 million in 2015 to $343.4 million in 2016.
The company’s simple and consolidated annual financial statements for 2016, containing the results, were approved at the meeting. The meeting also included a presentation for stakeholders on the company’s 2017 objectives and growth prospects.
Other measures approved at the meeting include the election of auditors for 2016, remuneration of board of directors and exemption of the board of directors and auditors for and liability for 2016, among other decisions.