Oil Insurance Limited (OIL) has declared a $400 million dividend and announced its first Asian member during its 2015 Shareholder’s Annual General Meeting (AGM).
For 2014, OIL experienced $551.7 million of underwriting income. After factoring in net investment income and administrative expenses, OIL’s net income for the year was $731 million.
After the review of the year-end financials, shareholders approved the financial statements and the reappointment of KPMG as auditors for FY 2015.
In addition, the company reported that the $400 million dividend will be paid to all shareholders of record as of 1 January 2015 in two equal amounts on 15 June and 15 December.
Robert Stauffer, president and CEO of OIL commented: “OIL is committed to providing long term value to its membership by offering significant policy limits with broad terms and conditions, returning excess value by way of premium credits and dividends when appropriate as well as potentially considering additional coverages to enhance the overall value proposition of being a member.”
George Hutchings, senior vice president and COO, added: “This year was OIL’s best underwriting year in the company’s 43-year history. In addition, two companies made decisions to join OIL, one of which became the first Asian energy company to accept membership.”
Following the AGM, OIL elected Gerard Naisse as chairman of the board of directors and Roberto Benzan as deputy chairman.
OIL has recently seen its policy limit increase from $50 million to $300 million in 2012, a $100 million premium credit in 2013, a $300m dividend in 2014 and a further $100 million policy limit increase to $400 million in 2015.
