Novae Group plc ("Novae" or "the Group"), the specialist insurance group, today announces its interim results for the six months ended 30 June 2015.
- Gross written premium of £463.1 million (H1 2014: £362.6 million)
- 7.7% like for like growth from existing units at constant rates of exchange
- 13.0% growth from investment in new underwriting teams
- Claims ratio improved to 47.8% (H1 2014: 48.9%)
- Attritional loss ratio of 51.1% (H1 2014: 51.0%)
- Combined ratio improved to 89.8% (H1 2014: 91.8%)
- Underwriting contribution increased by 57.6% to £27.9 million (H1 2014: £17.7 million)
- Net investment income of £3.8 million (H1 2014: £7.4 million)
- Profit before tax and foreign exchange of £29.0 million (H1 2014: £22.6 million)
- Weighted average rates on renewal premium reduced by 3.3%
- Interim dividend up 10.6% to 7.3p per share (H1 2014: 6.6p per share)
Matthew Fosh, Group Chief Executive, today said:
"Novae has achieved a strong performance in the first half of 2015. Investment in underwriting has produced disciplined growth in targeted classes, delivering a record underwriting contribution.
Novae's agility and expertise, together with ongoing improvements to the business, enables us to find and exploit good opportunities in a challenging market."
There will be a presentation for analysts only at 11:00 am today in the Auditorium, Lloyd's Register of Shipping, 71 Fenchurch Street, London EC3M 4HH. Invitees are requested to go to the Main Entrance of 71 Fenchurch Street where they will be provided with a pre-prepared pass.
