GBGI Limited, a leading integrated provider of international benefits insurance, has issued a clarification on the trading update for the year ended 30 Jun, released on 18 Sep.
The company announced in the update that gross written premiums exceeded US$200m for the full year.
It said this figure was based on an internal key performance indicator measure of GWP which includes fronting commission and ceding premium.
Fronting commission and ceding premium are not included in GWP on an IFRS reporting basis.
To clarify this statement in the trading update, the company said that it expected to report GWP on an IFRS basis for the fiscal year ended 30 Jun 2017, as approximately US$183m compared to US$153.6m for the prior year, an increase of over 19%.
At 8:15am: (LON:GBGI) Gbgi Limited Ord Usd1.00 share price was 0p at 174p