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Multinational property and casualty insurer OUTsurance has raised its interim dividend even as its half-year financial results lagged due to severe storm events in Australia.
Market trends suggest that reinsurance market pressure is abating, the company said. It also cited a resumption in dividend payments from OUTsurance Life and a stronger pay-out ratio from Australian business Youi in its decision to up its interim dividend by 7.7% to 61.2c per share.
The company, which holds an 89.8% interest in subsidiary OUTsurance Holdings, reported a 0.5% increase in normalised earnings to R1.41 billion for the six months end December on Monday. But its normalised return on equity fell to 21.6% from 23.
