Omega sees profits rise 67%
International insurance and reinsurance group Omega Insurance Holdings has reported its annual results for 2009.
The firm recorded pre-tax profits at $47.1m, a rise of 67% on 2008′s $28.2m.
Net profits almost doubled year-on-year, with $43.6m being made in 2009 compared to $22.2m previously.
Omega will be pleased to have bounced back from 2008, when profits fell by 56%, although it has yet to match the $50.54m made in 2007.
However, gross premium income was more or less flat, rising by $0.4m to $265.8m.
Earnings per share increased by 3.5 cents to 18.6 cents, and average return on equity rose by 2.3% to 9.8%.
Chief Executive Officer Richard Tolliday has welcomed the firm’s strong 2009 results, praising the underwriting contribution and emphasising the firm’s continuing prudent approach towards reinsurance buying and investment.
Tolliday also lauded the performance of the US and Bermudan operations and stated that Omega has doubled the underwriting capacity for Lloyd’s Syndicate 958.
Category: Financials, Insurance News
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