Geneva hails all-round profitability
The Geneva Group has reported an unaudited pre-tax profit of $6.1 million for the first half of the 2026 financial year, an increase of $2.4m compared with the same period last year.
It says all business units contributed positively to the result for the six months to the end of September, with its New Zealand lending operations also returning to profitability.
Geneva adds the performance announced to the USX on November 3 underscores the group’s operational turnaround and strategic momentum.
Quest Insurance continues to perform well with net premium income reaching $29.6m in the first half, 23 per cent from $24.1m a year ago.
Quest’s combined underwriting result of $7.3m represented a rise of 28 per cent from $5.7m over the same timeframe.
“Strong operating cash flows have lifted Quest’s cash holdings by $3.1m, up eight per cent, reinforcing liquidity despite a 28.5 pr cent year-on-year decline in investment income to $700,000 due to falling interest rates,” the company says.
“The solvency coverage ratio remains strong at 134 per cent, reflecting prudent capital management and continued profitability.”
Quest was given a credit rating of “bb+” with a stable outlook from AM Best on October 28, reaffirming its financial position and operational stability. The group rating remains at “B” with a stable outlook.
Geneva’s New Zealand lending operations reported a $100,000 net profit before tax for the first half, which was a $1.4m improvement from the prior year.
“The improvements are due to increased net interest income up $100,000, reduced funding costs of $700,000 driven mainly by reductions in the official; cash rate over the last 12 months, and stabilised and improving loan book quality,” explains Geneva.
“Gross receivables at $108m were down by $10m, or nine per cent, from the previous year.
“For lending, we remain focused upon driving receivable volumes through targeted introducer reengagement and ensuring our pricing strategy remains competitive to support sustainable growth.”
The Tonga lending operation continues to perform well and net profit before tax increased 21 per cent to $1.3 m in the first half. Its loan book has also grown steadily and at $11m is up 29 per cent from a year ago.
The group's Westpac Funding facility decreased to $80.8m, down $6m, or seven per cent, on the same period last year. Funding from wholesale investors fell by $250,000, or two per cent, to $16.3m.
Looking ahead, the group says it remains focused on driving performance across all business areas in the second half of the financial year.
“In lending, a targeted re-engagement programme with key introducers is under way to rebuild origination volumes through quarter three and four,” it explains.
“Insurance operations continue to benefit from strong policyholder growth and improved claims management. The group’s balance sheet is well-positioned to support lending growth.
“Meanwhile, ongoing system enhancements are delivering measurable improvements in scalability and cost efficiency, reinforcing Geneva’s commitment to operational excellence and sustainable growth.”
