Chaucer streaks ahead 40% on premium income
Specialist motor insurer, Chaucer, has reported a stunning first half with premium income up an annual 38.2%, to £491 million, and pre-tax profit soaring 300% to £17.0 million.
Profit before tax and foreign exchange adjustments on non-monetary items stood at £52.6 million, compared with £3.4 million in the same period of 2008.
First-half underwriting profit came in at £28.6 million, compared with £6.6 million in the first six months of 2008, and the firm recorded an average premium rate increase of 5.9%, providing a combined ratio of 91.3%, compared with 97.2% a year earlier.
Chief executive, Ewen Gilmour, attributes the improvements to “an excellent underwriting result and a healthy contribution from our investments as the defensive repositioning of our portfolio realised significant gains”.
Mr Gilmour sums up: “The outlook for the second half of the year and 2010 is also positive, with conditions improving in the majority of our markets. We are well-placed, with our strong underwriting focus and diverse business mix, to benefit from this.”
Category: Chaucer News, Financials, Insurance News
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