Highlights
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§ Profit before tax of £143.3million (H1 2014: £148.5 million) |
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§ First half return on equity of 7.4% (H1 2014: 8.1%), 14.8% annualised |
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§ Return on net tangible assets of 8.7% (H1 2014: 9.5%), 17.4% annualised |
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§ Gross written premium has increased by 6.2% to £2,007.6 million (H1 2014: £1,891.2 million) |
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§ Average overall rate decrease of 4.0% (H1 2014: 3.3%), with renewal retention rate healthy at 88% (H1 2014: 86%) |
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§ Net earned premium decreased by 7.5% to £1,031.3 million (H1 2014: £1,114.8 million), reflecting seasonal risk profiling of windstorm premium, changes in mix in the Reinsurance account and multi-year contracts |
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§ Combined ratio of 91% (H1 2014: 87%) due to higher expense ratio on lower net earned premium (combined ratio of 89% before seasonality adjustment) |
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§ Strong investment return of 2.2% (H1 2014: 1.3%) |
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§ Interim dividend increased 3.7%to 8.4 pence per share (H1 2014: 8.1 pence per share) |
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§ Leadenhall Capital Partners increased funds under management by 6.7% to $2.0 billion, supported by initiatives with the Reinsurance SBU |
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§ Organisational changes introduced in 2014 embedded, with focus now on implementation of new Strategic Business Unit strategies |
