Catlin returns to profit in H1

by Richard Kilner

Story link: Catlin returns to profit in H1

International specialty property/casualty insurer and reinsurer Catlin Group Limited has reported its interim financial results for the six months ended 30 June 2012.

The firm made pre-tax profits of $231m, with a 13.6% annualised return on equity, compared to a pre-tax loss of $201m in the corresponding period last year.

However, H1 2011 was notable for the unprecedented catastrophe activity which affected the insurance sector to a significant degree.

Gross written premiums increased, year-on-year, from $2.7bh to $3bn, with net premiums written falling marginally from $2.27bn to $2.26bn.

Net income to common stockholders was $184m, a vast improvement on the $220m loss incurred during the first half of 2011.

Chief Executive Officer Stephen Catlin described the firm’s biannual results as excellent and singled out the record underwriting performance and pre-tax profits for particular mention.