Profits slide at OIL as mutual welcomes five new members : v

Profits slide at OIL as mutual welcomes five new members


Profits slide at OIL as mutual welcomes five new members
27-04-2021
15-03-2021
Oil Insurance (OIL) held its 2021 annual general meeting of shareholders on April 20, 2021, a virtual event at which executives shared details of the company’s financial results and welcomed five new members to the mutual insurance company.
OIL reported a $467 million of net profit in 2020, driven principally by a $420 million profit earned from net investment income. While this represented a significant fall compared to its $1.03 billion profit in 2019, it avoided a repeat of the $675.6 million loss generated in 2018.
OIL also welcomed five new shareholders into the mutual, including: Ecopetrol; Federated Co-Operatives; Inter Pipeline; Pembina Pipeline Corporation; and United Refining Company.

Related Keywords

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