Novae returns to the black in H1 2012

by Richard Kilner

Story link: Novae returns to the black in H1 2012

Specialist insurance group Novae Group plc has reported its interim financial results for the first six months of 2012.

Biannual pre-tax profits came to £19.6m, a return to the black after the firm incurred a £30.1m loss during the first half of 2011.

Gross written premiums rose marginally, up year-on-year from £387.9m to £395.6m, and net premium revenue rose from £249.9m to £263.2m.

The annualised pre-tax return on equity was 14.5% and the interim dividend per share rose from 5p to 5.5p.

Chief Executive Matthew Fosh said that, following the record catastrophe events of last year, the firm had resumed its path of steady net asset growth.

Fosh added that Novae’s strategy of moving towards a shorter tail, property business with more emphasis on reinsurance remained unaltered and was on track.