10 Aug 2018 07:00
GBGI LIMITED
10 AUGUST 2018
GBGI LIMITED
("GBGI" or the "Company" and, together with its subsidiary undertakings, the "Group")
Trading Update
GBGI Limited (AIM: GBGI), a leading integrated provider of international benefits insurance, today issues the following trading update in advance of its interim results for the six months ended 30 June 2018 ("H1 2018").
The Group saw continued growth in the business across its diversified product and regional footprint during H1 2018, recording year over year growth (adjusted for the Group's exit from the Angolan market in 2017) in gross written premium ("GWP") as compared to the same period in CY 2017.
The Group anticipates that GWP and underlying net income (adjusted for certain one-off non-recurring expenses) for the full 12 months to 31 December 2018 ("CY 2018") will be broadly in line with initial expectations.
The non-recurring, one-off expenses incurred in 2018 are estimated to be approximately USD $2.8 million including a USD $2.0 million investment in the Group's distribution channels.
Reporting dates
GBGI will be announcing its interim results for H1 2018 in September 2018.
Bob Dubrish, CEO of GBGI commented:
"We have a strong start to the third quarter and we are confident in our business model and that we are making good progress on our 2018 initiatives."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please contact:
GBGI Limited
Bob Dubrish (CEO) +1 949 421 3180
Eric Dickelman (CFO) +1 949 421 3390
Canaccord Genuity (Nominated Adviser & Broker) +44 (0)20 7523 8000
Sunil Duggal
Bill Gardiner
Emma Gabriel
Instinctif Partners (Financial PR) +44 (0)20 7457 2020
Giles Stewart
Rui Videira
Lewis Hill
Notes to Editors
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.