CATLIN GROUP LIMITED ANNOUNCES FINANCIAL RESULTS FOR YEAR ENDED 31 DECEMBER 2011
HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the international specialty property/casualty insurer and reinsurer, announces its financial results for the year ended 31 December 2011.
Highlights
- US$71 million in profit before tax (31 December 2010: US$406 million)
- 50 per cent attritional loss ratio (31 December 2010: 52 per cent)
- US$961 million in gross losses from natural catastrophes; US$678 million in net losses from natural catastrophes
- Catastrophe aggregate protection responded as anticipated to catastrophe losses during second half of 2011
- 11 per cent increase in gross premiums written (31 December 2010: 10 per cent)
- 24 per cent increase in gross premiums written by non-London/UK hubs
- 3.1 per cent total investment return (31 December 2010: 2.7 per cent)
- US$103 million release from prior year reserves, equal to 2 per cent of opening reserves
- (31 December 2010: US$144 million, equal to 3 per cent of opening reserves)
- 5 per cent increase in average weighted premium rates for 1 January 2012 renewals (9 per cent increase for catastrophe-exposed classes; 1 per cent increase for non-catastrophe classes)
- 17 per cent increase in US Property Treaty Reinsurance rates; 12 per cent increase in International Property Treaty rates
- 6 per cent increase in annual dividend to 28.0 UK pence per share (44.9 US cents) (31 December 2010: 26.5 UK pence; 42.5 US cents)
Dividend
Catlin has increased the dividend it pays to shareholders each year since its initial public offering in 2004. We believe this policy has served shareholders well, although it must be tempered by the incidence and scale of catastrophe losses and the need to preserve capital to take advantage of market opportunities.
The Board of Directors has declared a final dividend of 19.0 UK pence (30.2 US cents) per share, payable on 16 March 2012 to shareholders of record on 17 February 2012. Including the interim dividend of 9.0 UK pence (14.7 US cents) per share, the total 2011 dividend of 28.0 UK pence (44.9 US cents) per share represents a 6 per cent increase when compared with the 2010 dividend.
Including the 2011 dividend, the annual dividend payable by Catlin to its shareholders in sterling has increased by 159 per cent since 2004.
