- Gross written premium of £513.1 million (H1 2015: £463.1 million)
- Attritional loss ratio of 47.9% (H1 2015: 51.1%)
- Weighted average rates on renewal premium reduced by 3.9%
- Combined ratio of 96.1% (H1 2015: 89.8%)
- Net investment income of £28.4 million (H1 2015: £3.8 million)
- Profit before tax and foreign exchange of £37.9 million (H1 2015: £29.0 million)
- Interim dividend of 7.5p per share (H1 2015: 7.3p per share)
Matthew Fosh, Chief Executive Officer, today said:
"In what was an eventful first half of the year for the industry Novae has shown its growing resilience. Improvements to our underwriting portfolio have delivered an enhanced attritional loss ratio in a softening rating environment.
Our balance sheet remains strong. Our investment portfolio successfully withstood a period of heightened volatility and reserving remains prudent.
Overall this market requires careful handling, but selective opportunities for profitable growth continue to present themselves."
