NCM reports 1998 profits

AMSTERDAM - International credit insurer NCM has announced pre-tax profits of Fls42.1m, up from Fls38.2m in 1997. After transfer to the equalisation provision and taxation, profit for the year will reach Fls28.6m, up on 1997's Fls14m. NCM also said that the value of shipments of goods and services insured by them increased 5% in 1998 to Fls 268bn. However, the company considers this growth to be limited and attributes it to last year's global turmoil and the strong UK pound. These developments and a soft market caused revenues to decrease by 5% to Fls945.3m. Premium income decreased from Fls811m to Fls784.8m, while premium relating to business on behalf of the Dutch Government decreased by 35% to Fls60.6m. The results were said to be affected by higher claims as well as by lower premium revenues.