Daily Insurance Industry News
Daily Insurance Industry News
Wednesday 16th of January 2019
July 31, 2009

Novae announces bi-annual losses

by Richard Kilner

Story link: Novae announces bi-annual losses

Specialist insurance group Novae Group plc has reported its results for the first six months of the year including a pre-tax loss of £2.1m, compared to a £16.8m pre-tax profit made in the first half of 2008.

The pre-tax loss occurred after a charge of aviation reinsurance and credit insurance claims worth £26m.

Post-tax losses were recorded at £18.5m, a substantial drop from the £16.3m in post-tax profits from the corresponding period last year.

However, gross written premiums grew by over £30m to £220.3m.

Chief Executive Matthew Fosh responded to the losses by citing the unusually large claims in aviation, including the Air France loss over the Atlantic, and described the underlying results as fundamentally sound.

Fosh went on to state that Novae remained confident about its progress during the rest of the year and into the future.

The losses follow on from a successful performance in 2008, when the firm made full-year profits of £40.2m.


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