FM Global, a global business property insurer, posted an improved combined ratio of 83.2 percent in 2016—compared to 85.3 percent a year earlier—which was a market-leading result for the fourth consecutive year.
Total gross premium in force increased to $5.43 billion compared to $5.39 billion the year prior, and net income rose 8 percent to $796.8 million, despite extremely competitive market conditions.
Additionally, FM Global’s surplus strengthened by 8 percent to $11.9 billion due to the combination of strong underwriting performance and investment results.
The insurer’s client retention rate was 96 percent with an average client tenure of 18.4 years, significantly higher than the industry average.
Construction began on a new major loss prevention training and operations center in Singapore, which is slated to open in early 2019.
The company began the expansion of its SimZone hands-on training facility in Norwood, Mass., scheduled to be completed by mid-2017.
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