"After a busy few years with the IPO, major acquisitions and capital raising, 2017 is about refocusing on business development opportunities across the group and consolidating acquisitions," the company said in presentation notes accompanying the earnings release. "Current levels of capital, together with earnings development, (are) expected to be sufficient to fund growth, and small acquisitions in the foreseeable future."
This year, the company plans to develop emerging programmes and markets in Europe (France, Italy, Romania, and Spain), Latin America (Mexico), Australia, South East Asia (Philippines, Vietnam), and India.
"As a result, CBL expects 2017 to be a strong year with a developing pipeline of new business," the company said.
The company's CBL Insurance unit posted a 21 per cent increase in profit to $47m as revenue lifted 11 per cent to $228.2m. Its gross written premium value increased 14 per cent to $247.5m on growth in existing product programmes and new programmes in Australia, South East Asia and continuing development of its Mexican building warranties product.
Its Assetinsure unit posted a profit of $4m, beating the prospectus forecast of $2.4m, as it exited unprofitable commercial property lines and aligned the business more with its own underwriting philosophy and expertise.
The company's CBL Insurance Europe unit posted a profit of $1.9m, lagging behind its forecast for $2.9m, as it increased investment in resources and infrastructure to support growth.
Its European Insurance Services business posted profit of $2.6m, missing its $5.4m forecast. The company said it had strengthened the management team during the year, appointing chief executive Pierre Galeon, and had restructured its operations to gain efficiencies.
The Professional Fee Protection business added $1.8m to profit in the year, while the Securities and Financial Solutions Europe business contributed $2.8m in profit since the company gained regulatory approval for the acquisition in October 2016.
It will pay a final dividend of 2 cents on March 31, taking the annual total for 2016 to 5 cents, unchanged from the previous year.