Lancashire reports drop in Q2 profits
by Richard Kilner
Story link: Lancashire reports drop in Q2 profits
Lancashire Holdings Limited has reported its financial results for the second quarter and first half of 2012.
Quarterly pre-tax profits declined from $91m to $60.6m but biannual pre-tax profits rose from $99.4m to $107.1m.
Profits after tax in the three months ended 30 June 2012 fell from $88.9m in 2011 to $58.5m in 2012.
However, the first six months of the year saw profits after tax increase from $97.5m to $103.7m.
In Q2 gross written premiums increased from $207.9m to $280.8m, with gross written premiums in H1 rising substantially from $379.8m to $514.8m.
The firm reported a quarterly return on equity of 3.6%, far below the 6.1% of the corresponding period last year, but biannual return on equity rose from 6.5% to 7.1%.
Group Chief Executive Officer Richard Brindle said that he was pleased to report another profitable quarter, the twenty-fifth out of twenty-six since the firm’s inception in 2005.