Chaucer’s record profits exceed £89 million
by David Masters
Story link: Chaucer’s record profits exceed £89 million
Chaucer Holdings have announced their preliminary results for 2007, with record profits before tax of £89.4 million.
The Lloyd’s insurer saw profits increase by 4% for the year ending 31 December 2007. Gross written premiums, however, were down to £584.1 million compared to £594 million in 2006.
The groups combined ratio improved by 3.1 percentage points, down to 81.6%
Chief executive of Chaucer Holdings, Ewen Gilmore, said that he is “extremely proud” of Chaucer’s progress in becoming a leading Lloyd’s insurer.
He added: ” Our excellent set of results produced for 2007 reflect this success, with record profits, a return on equity of 31.7% and a 25% increase in the annual dividend.
“Our diversified portfolio, particularly our large UK motor account, strengthens our ability to manage the effect of the international marine and non-marine market cycle on our business.”