Omega reports $25m H1 profit

by David Masters

Story link: Omega reports $25m H1 profit

Omega Insurance Holdings Ltd has reported its first half results, posting a pre-tax profit of $24.5 million on revenues of $118.7 million.

The Lloyd’s of London insurer reported profit after tax for the six months ending 30th June of $21.78 million, or $0.14 per share. This is a 34% increase compared to the first half of 2007, when the company made a profit of £16.26 million, or $0.11 per share.

First half net revenues of $118.7 million represented an increase of 42% compared to revenues of $83.52 million in the same period last year.

$21.1 million of the profit was contributed by Omega Speciality, who provided reinsurance services to Lloyd’s Syndicate 958.

Gross written premiums for the period were $179.3 million. Chief Executive Richard Tolliday expects an additional $250 million in gross premiums by the end of 2008.

Shareholders in the Bermuda-based company will be paid an interim dividend of $0.103 per share on 18th November.

Share prices in Omega rose 3% following the news to 153 pence, giving the company a market value of $399 million. Shares in the company have risen a total on 5.9% in the last 12 months.