Excellent year for Heritage as profits rise 130%

by David Masters

Story link: Excellent year for Heritage as profits rise 130%

Heritage Underwriting Agency has posted its 2007 results, with profits before tax at £23.3 million, £13.0 million higher than in 2006.

The group’s net written premiums increased to £156.6 million compared to £97.1 million in 2006. Net earned premiums were also up, from £75.1 million in 2006 to £135.1 million.

Heritage attributed these increases to good practice in underwriting and to the hurricane seasons being relatively benign.

When announcing the results, the group also declared that they will be implementing a progressive dividend policy starting this year. The board has recommended that the final dividends for 2007 of 6.0 pence per share, compared with 2.5 pence for 2006.

Heritage said in a statement that in spite of a competitive market, they are “confident” that their underwriting policy “will yield economic returns.”

Richard Pexton, chief executive, added: “We are holding firm on our core value of not sacrificing profit for volume.”