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Daily Insurance Industry News
Friday 19th of January 2018
September 28, 2010

Novae reports H1 2010 profits

by Richard Kilner

Story link: Novae reports H1 2010 profits

Novae reports H1 2010 profits

Specialist insurance group Novae Group plc has reported its interim results for the first six months of 2010.

The firm made a pre-tax profit of £13.6m (before currency gains on non-monetary items), a return to the black after a £2.1m loss during the same period last year.

This follows annual pre-tax profits in 2009 of £17.7m.

Gross written premiums rose just over 50% from £220.3m to £333.4m in the first six months of 2010 and investment income increased by a similar margin, rising from £10.9m to £16.4m.

Total dividends per share increased from 3p to 3.3p and total net assets rose from £279.7m to £318.8m.

Chief Executive Matthew Fosh has expressed confidence that the measures Novae is undertaking will help the firm to achieve its strategic objectives and enhance return on equity.

 

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