Omega profit down 56%
Omega Insurance Holdings Limited has posted its financial results for 2008, with profits down 56% on year.
Profit for the fiscal year ending 31 December 2008 was $22.21 million, or $0.14 per share, compared to $50.54 million, or $0.33 per share, in 2007.
Pre-tax profit was $28.22 million, down from $59.48 million the previous year.
The fall in profit came despite increased revenues, up 24% on year to $261.21 million.
Chief executive Richard Tolliday said the results were ‘in line with market expectations’ and pointed out that they came in ‘one of the worst years on record for insured losses’.
In a statement, the group said it expects the market to harden in 2009, and added that the company is ‘well positioned’ to take advantage of emerging opportunities.
Category: Financials, Insurance News
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