Highlights
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Profit before tax of £148.5million (H1 2013: £161.4 million), after adverse foreign exchange swing of £24.6 million |
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First half return on equity of 8.1% (H1 2013: 9.3%), 16.2% annualised |
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Healthy increase of 7.3% in net written premium to £1,637.2 million (H1 2013: £1,525.2 million), supported by strong reinsurance franchise and improved reinsurance purchase |
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Combined ratio of 87% (H1 2013: 85%), with underlying claims ratio improving to 53% (H1 2013: 56%) |
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Large catastrophe losses incurred of £48.9 million (H1 2013: £32.2 million) |
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Average overall rate decrease of 3.3% (H1 2013: flat), with renewal retention rate healthy at 86% (H1 2013: 87%) |
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Solid investment return of 1.3% (H1 2013: 1.4%) |
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Agreement in principle to increase interest in Leadenhall Capital Partners from 40% to 75% |
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Interim dividend increased 3.9%to 8.1 pence per share (H1 2013: 7.8 pence per share) |
