MiWay reported double digit growth in underwriting profit against a backdrop of the weak rand and a contracting economy. In the six months to end-June 2015, the insurer reported R76m in underwriting profit, an increase of 46% compared to the same period in 2014. This was supported by an increase of 17% in gross written premium to R835m compared with R714m for the first half of 2014.
The results demonstrate the impact of new initiatives launched by the insurer in the previous eight months. These new initiatives included the launch of MiWayLife, Business Insurance and a direct Broker channel.
We are pleased with the strong half year performance and excited about our new initiatives. We expect them to contribute to strong growth for the rest of the year as the business continues to gather scale.
These, together with MiWay’s short-term offering, provide a robust offer to current and potential clients – especially those that want to consolidate their insurance under one roof. With 52,000 new clients added to its base, MiWay now has over 230,000 clients.
We remain focused on our aim to give our clients #insurancefreedom by providing superior value products and insurance solutions.