Novae increases its 2014 full year dividend by 10% and pays special

DividendMax Ltd.

Novae increases its 2014 full year dividend by 10% and pays special

Gross written premium of £638.5 million (2013: £590.3 million)

13% growth in gross written premium at constant rates of exchange

Claims ratio improved to 49.1% (2013: 52.4%)

Combined ratio of 91.0% (2013: 90.3%)

Net investment income of £14.3 million (2013: £11.1 million)

Profit before tax and foreign exchange of £52.4 million (2013: £54.2 million)

Net asset value per share of 527.6p (2013: 498.1p)

Final dividend of 18.2p per share (2013: 16.5p per share)

Special dividend of 20.0p per share (2013: 20.0p per share)

Matthew Fosh, Group Chief Executive, today said:

"The Group has again performed strongly, achieving record premiums, an improved claims ratio, and making good progress operationally. Opportunities for profitable growth remain for those with the agility to navigate a challenging market environment. We continue to invest in the business, to attract talented people and to develop new ideas, all of which are maintaining and building the Group's momentum."

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