Trading results
· Group operating profit £360m up 15% (H1 2016: £312m): Scandinavia £202m; Canada £71m; UK & International £151m.
· Group underwriting profit of £222m, up 28% (H1 2016: £174m).
- Record1 Group combined ratio of 93.2% (H1 2016: 94.7%). Scandinavia 81.9%; Canada 94.8%; and UK & International 95.4%.
- Group attritional loss ratio of 54.9%, 0.3pts better than last year; weather and large losses 0.2pts worse.
- Group prior year underwriting profit of £79m (H1 2016: £55m).
· Group premiums of £3.4bn up 11% at reported fx, and up 3% at constant fx. Volumes accounted for 1% and rate increases 2%.
· Investment income of £171m (H1 2016: £187m) down 9% versus the same period last year reflecting the impact of disposals and ongoing reinvestment at lower yields.
· Below the operating result there were lower interest costs following our debt restructuring, with other non-operating items largely as flagged.
· Pre-tax profit of £263m, up 78% (H1 2016: £148m).
· Underlying earnings per share (EPS) 23.3p up 31% (H1 2016: 17.8p). Stated EPS up 133% to 18.4p.
· Interim dividend of 6.6p/ordinary share declared, up 32% (H1 2016: 5.0p).
