NFU mutual financial results / remuneration

[Clive]

Someone send me this and asked if i would post on TFF, they work for the NFU so asked to remain anon………. so ………

( to be clear - this is the insurance co not the NFU but as we know there are VERY strong links and multi million £’s payment made in NFU accounts between these entities )


Subject: NFUM results (not a full year)



£182m OVERALL PROFIT “The Group performed well in difficult circumstances, achieving an overall profit of £182m and our underlying financial, capital and solvency position has remained very strong.”

£89m UNDERWRITING LOSS “The underwriting loss of £89m reflects the challenging economic environment and weather conditions as we continue to support our customers and pay out on claims.”

95.5% PERSISTENCY “The percentage of GI policies renewed in 2021 remained high with exceptional persistency levels of 95.5%.”

Nick Turner (CEO) picks up £1.047m inc bonus
Lindsay Sinclair (no longer employed) picks up £879k (down from his last year as CEO at £2.26m)
Ali Capper (Non Exec Director) picks up £73k

Gross Written Premium £1.825bn before Mutual Bonus up 7%
Underwriting loss of £89m blaming inflationary forces and malign weather conditions

Mutual Bonus for 22/23 = 13.5%

 

[hally]

Yet they managed to lose 6% of my pension pot

 

[David.]

How did they do the previous year, some were doing 20%.
You don't crystallise the loss unless you cash it.

 

[Hampton]

Someone send me this and asked if i would post on TFF, they work for the NFU so asked to remain anon………. so ………

( to be clear - this is the insurance co not the NFU but as we know there are VERY strong links and multi million £’s payment made in NFU accounts between these entities )


Subject: NFUM results (not a full year)



£182m OVERALL PROFIT “The Group performed well in difficult circumstances, achieving an overall profit of £182m and our underlying financial, capital and solvency position has remained very strong.”

£89m UNDERWRITING LOSS “The underwriting loss of £89m reflects the challenging economic environment and weather conditions as we continue to support our customers and pay out on claims.”

95.5% PERSISTENCY “The percentage of GI policies renewed in 2021 remained high with exceptional persistency levels of 95.5%.”

Nick Turner (CEO) picks up £1.047m inc bonus
Lindsay Sinclair (no longer employed) picks up £879k (down from his last year as CEO at £2.26m)
Ali Capper (Non Exec Director) picks up £73k

Gross Written Premium £1.825bn before Mutual Bonus up 7%
Underwriting loss of £89m blaming inflationary forces and malign weather conditions

Mutual Bonus for 22/23 = 13.5%

And your point is…?

interesting about Ali Capper, although I don’t know her history. Maybe she worked there before returning to the farm

 

[SilliamWhale]

I would imagine renumeration is probably the same for similar business' in the industry. Amanda Blanc pockets over a million a year for aviva, in fact possibly way more.

 

[hally]

How did they do the previous year, some were doing 20%.
You don't crystallise the loss unless you cash it.

Very average tbh compared with others we have. Moving all of it soon, had enough of them.

 

[ajd132]

Ali Capper is on every board going!

 

[graham mc]

once you board the gravy train you never leave it

 

[An Gof]

Someone send me this and asked if i would post on TFF, they work for the NFU so asked to remain anon………. so ………

( to be clear - this is the insurance co not the NFU but as we know there are VERY strong links and multi million £’s payment made in NFU accounts between these entities )


Subject: NFUM results (not a full year)



£182m OVERALL PROFIT “The Group performed well in difficult circumstances, achieving an overall profit of £182m and our underlying financial, capital and solvency position has remained very strong.”

£89m UNDERWRITING LOSS “The underwriting loss of £89m reflects the challenging economic environment and weather conditions as we continue to support our customers and pay out on claims.”

95.5% PERSISTENCY “The percentage of GI policies renewed in 2021 remained high with exceptional persistency levels of 95.5%.”

Nick Turner (CEO) picks up £1.047m inc bonus
Lindsay Sinclair (no longer employed) picks up £879k (down from his last year as CEO at £2.26m)
Ali Capper (Non Exec Director) picks up £73k

Gross Written Premium £1.825bn before Mutual Bonus up 7%
Underwriting loss of £89m blaming inflationary forces and malign weather conditions

Mutual Bonus for 22/23 = 13.5%

They look like last years figures to me. Latest figures for last financial year not yet published.

 

[Clive]

Ali Capper is on every board going!

not a bad little non exec gig that 73k for a part time job


see how investing time in the NFU gravy train pays off ?

 

[Clive]

And your point is…?

interesting about Ali Capper, although I don’t know her history. Maybe she worked there before returning to the farm

not my point - as in my post I was asked if I would post this by an employee .......... so I did

Don't shoot the messenger !

 

[Bald Rick]

Still hasn’t stopped them putting my premium up by 60%

I will be off their “Persistency“ percentage pdq

 

[snarling bee]

The premium they charge is way above others for the same cover, so no wonder they make a big profit. We have only insured the dogs and horse with them, and holiday insurance, for the past 15 or so years, our business and vehicle insurance is elsewhere.

I assume the point of the post is that profit is a dirty word. Clive obviously makes no profit from his business activities and his 'contact' is obviously wanting a pay rise, but isn't getting one.

Or perhaps the point of the post is congratulatory. Well done the mutual!

 

[Clive]

The premium they charge is way above others for the same cover, so no wonder they make a big profit. We have only insured the dogs and horse with them, and holiday insurance, for the past 15 or so years, our business and vehicle insurance is elsewhere.

I assume the point of the post is that profit is a dirty word. Clive obviously makes no profit from his business activities and his 'contact' is obviously wanting a pay rise, but isn't getting one.

Or perhaps the point of the post is congratulatory. Well done the mutual!

nothing wrong with profit at all in my book

as i said- don’t shoot the messenger , i was asked to post it so i have

 

[ajd132]

not a bad little non exec gig that 73k for a part time job


see how investing time in the NFU gravy train pays off ?

Pretty damn good!
Same person who was chair of AHDB horticulture when it got voted to end!

 

[Hampton]

not my point - as in my post I was asked if I would post this by an employee .......... so I did

Don't shoot the messenger !

No worries, I’m no fan of insurance companies and have never used Nfu mutual.
Would expect the boss to be highly remunerated though.
Not sure why the employee would want that posted… it’s neither damning nor amazing?

 

[An Gof]

The premium they charge is way above others for the same cover, so no wonder they make a big profit. We have only insured the dogs and horse with them, and holiday insurance, for the past 15 or so years, our business and vehicle insurance is elsewhere.

I assume the point of the post is that profit is a dirty word. Clive obviously makes no profit from his business activities and his 'contact' is obviously wanting a pay rise, but isn't getting one.

Or perhaps the point of the post is congratulatory. Well done the mutual!

They’re last years results. ……..
I’m sure this thread will be resurrected when this years are published ….. won’t be long now

 

[Fruitloop]

They look like last years figures to me. Latest figures for last financial year not yet published.

This year's (End '22) figures are now published.
£1.049bn (yes...Billion!) loss.
This is roughly comprised of £167m underwriting loss (claims etc)
£247m in Mutual Bonus payments (why don't they just rate the policies accurately, instead of redistributing farmer's premium income across the non farming section of the client base as well?)
£650m "write-down on property values" Am I the only one thinking that sounds like a tax "saving"?
their persistency rate is apparently 95.2%
Their COR (Core Operating Ratio) running at 109% (they are more usually at 85-90%) and as a general rule they are losing money when they hit 98-100%.
CEO Nick Turner has a salary increase of £267,177 (yes, that is correct apparently) with an overall package value this year at £1.309m. This 21% salary increase is set against an average increase across the NFUM at 3.2%. That's quite brassy! Milky bars are on him!

Mind you, with a loss like this, they probably saved a fortune on tax, so they might well think this is a good year. A penny saved is worth tuppence earned eh? Clever Boy! Have a biscuit!

What it probably does mean is a long document all about having to increase premium revenue to support profitable underwriting: "Farm liability premium has been woefully underfunded for many years now, old boy, as you know"
"FCA demand that we cannot use profits from the profitable property element of the book to prop up the loss making liability sections"
"Well, it is a hardening market old chap, never seen anything like it you know - and the cost of reinsurance is astronomical by comparison with 3 years ago. We have no choice."

I would imagine Lindsay Sinclair is sniggering having left the cab before the bolt dropped out of the gearbox. Luckily with £1.3m to console him, I would imagine that the new CEO will be chipper and jolly and setting about the business of improving profitability with great gusto for the coming year. I'll wager he has his eyes on the pockets of the farming clients, who are -we must remember- regarded as "less price sensitive than the non farming market sector"

At the bottom of all of this, you have to remember who's money it is that they are the "guardians of".
This is the money of the members of the NFU Mutual.

 

[Sid]

not a bad little non exec gig that 73k for a part time job


see how investing time in the NFU gravy train pays off ?

Can't see anyone just being there because they are involved with the NFU. There on merit.

Don't shoot the messenger

Someone loads a gun and you fire it.

Always very wary of anyone doing that.

It was in the public domain anyway.

 

[Humble Village Farmer]

£650m "write-down on property values"

You would think the tax man might be onto this little scam, if that's what it is.

I recall someone saying Tesco had reduced their profits by writing down property.