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Rand Mutual ranked as the fastest growing mutual insurer in ICMIF Global 500 report

2 August 2017

Rand Mutual ranked as the fastest growing mutual insurer in ICMIF Global 500 report

We are extremely proud to be acknowledged as the fastest growing mutual insurer in the world according to The Global 500 Report compiled by the International Cooperative and Mutual Insurance Federation (ICMIF).

The Global 500 Report provides a definitive analysis of the world’s 500 largest mutual and cooperative insurers ranked by premium income, using 2015 year-end data.

Fastest-growing mutual insurers

Rand Mutual (RMA) was listed as the fastest-growing mutual insurer during the 2014-2015 period, recording an impressive 93% growth, moving up the rankings from 466 in 2014 to 364 in 2015. The second fastest-growing mutual insurer was Monceau Assurances based in France, recording 79.9% growth over the same period. And taking third place was German based Pensions-Sicherungs-Verein, recording a growth rate of 55.8%.

fastest growing

“We are honoured to be at the top of the growth rankings in the world. We have worked hard to make this growth happen and are grateful to not only see the fruits of our labour paying off, but also that we are being acknowledged internationally. This is a great feat for us and we could not have got here without the hard work of everyone in the RMA team and the support of our long-standing and new clients,” says RMA CEO, Jay Singh.

“The most impressive aspect of the outcome of the hard-work over the years is the fact that the growth was achieved in our core area of business, an area where we excel compared to the rest of the market. This helps us manage our downside risk that normally comes with fast growth. The scale that we are building in the Group will ultimately be for the benefit of all our stakeholders and which we are confident will lead to the long-term success of the business into the foreseeable future,” comments RMA CFO, Bilal Adam.

Largest mutual insurers

The largest mutual insurer in terms of premium income in 2015 was health insurer Kaiser Permanente (USA), displacing the largest mutual of 2014, State Farm (USA), to second place, while Zenkyoren (Japan) remained the third largest.

In terms of premium growth from the previous year, 16 (or 80%) of the 20 largest mutual insurers posted positive growth, two more than in the previous year. US life mutual MassMutual Financial posted the strongest growth (+19.1%) as it rose six places from the previous year to be ranked 12th in 2015.

The world’s 500 largest mutual insurance companies, in terms of premium revenue, collectively wrote USD 1,152 billion in insurance premiums in 2015, representing 95% of the total global mutual sector. Aggregate premiums of Global 500 companies grew in 2015 by 2.6% from the previous year.

For the second consecutive year, there was stronger growth in non-life business (+4.2%) compared to life business (+1.0%) in 2015. In total, 365 (or 73%) of the 500 largest mutuals recorded a positive growth in premium levels in 2015, and 70 mutual insurers (equivalent to 14%) posted double- digit premium growth from 2014.

Over half (53%) of Global 500 insurers in 2015 were non-life insurers: 215 (or 43%) were classified as non-life insurance companies and a further 48 (9.6%) were classed separately as health insurers. Just under a fifth (93) of the Global 500 were life insurers and the remaining 29% (144) were composite insurers.

To view the full report, http://bit.ly/2gZUCPf

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