Trading Update - 17 Sep 2017 01:50 PM

Regulatory Story

Trading Update

Released 07:00 18-Sep-2017

RNS Number : 9644Q GBGI Limited

18 September 2017

18 September 2017

("GBGI" or the "Company" and, together with its subsidiary undertakings, the "Group") Trading Update

Continued momentum and trading in line with management expectations

GBGI Limited (AIM: GBGI), a leading integrated provider of international benefits insurance, today announces a trading update for the fiscal year ending 30 June 2017.

The Group saw continued commercial momentum in line with management expectations in the second half of the fiscal year across its diversified product and regional footprint. Gross written premiums (GWP) trended well in the period.

As previously announced, the Group continued to make further investments in its operations to support both sales efforts and outstanding service levels, underpinning the robustness of its growth platform.

The Group expects to announce its maiden dividend along with its full year results, in line with previous guidance given at the time of the IPO.

• Gross written premiums exceeded US$200m for the full year, with second half GWP weighted towards the end of the period

• Revenue for the fiscal year grew over 23% yoy and in line with management expectations

• The global strategic partnership GBGI announced with AXA has started well, with progress being made across two key areas of collaboration: reinsurance and access to new markets

• A.M. Best upgraded the outlook on GBGI's Financial Strength rating to Stable which has been well received by the Group's network of distributors. The Group views this action as a positive step forward towards achieving a higher financial strength rating in the future

• The Group acquired QHM, a Florida-based third party administration (TPA) firm in January 2017, as a complement to its GBG Assist business. The Group views this acquisition as a key strategic growth initiative that will support GBGI Assist's future income growth by providing services to third party insurers

Trading performance since the start of the new fiscal year has been solid and in line with management expectations. The Group remains confident in the outlook for the business and the ability to continue to deliver sustainable and profitable growth.

"We are pleased that we remain on track to meet our goals and objectives for the current fiscal year. We continue to see strong demand in the marketplace for our products and services and we are well set to continue on our positive growth trajectory."

The Group intends to announce its full year results in November 2017. For further information please contact:

Bob Dubrish (CEO) +1 949 421 3180

Eric Dickelman (CFO) +1 949 421 3390

Sunil Duggal Andrew Buchanan Emma Gabriel

Rui Videira Lewis Hill

+44 (0)20 7523 8000

+44 (0)20 7457 2020

GBGI is a leading integrated provider of international benefits insurance, operating globally across over 120 jurisdictions. Trading principally as "The Global Benefits Group" or "GBG", the Group distributes and underwrites health, life and disability, and travel insurance, with a client base that spans multinational corporations, expatriates, local HNWIs, international schools, non-profit organisations and international students. GBGI is a fully integrated insurance group providing services from policy sales to claims administration and servicing and is committed to delivering high levels of customer service. GBGI is incorporated in Guernsey.

This information is provided by RNS

The company news service from the London Stock Exchange

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