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Daily Insurance Industry News
Sunday 26th of May 2019
February 21, 2011

Lancashire reports Q4 and 2010 results

by Richard Kilner

Story link: Lancashire reports Q4 and 2010 results

Lancashire Holdings Limited has reported its financial results for the fourth quarter and year ended 31 December 2010.

Quarterly net profits rose marginally from $129.6m to $131.8m, with net operating profits up $1m to $123.4m.

Gross written premiums in Q4 fell from $103.4m to $94m, and net written premiums also fell, from $100m to $93.7m.

Annual net profits fell by almost $55m from $385.4m to $330.8m, and annual net operating profits were down to $306.5m.

On a quarterly basis, fully diluted earnings per share rose from $0.69 to $0.76, but declined, on an annual basis, from $2.05 to $1.86.

Group Chief Executive Officer Richard Brindle recalled the firm’s fifth anniversary in October, and stated that it had retained its founding principles of flexibility and discipline.

Brindle hailed the firm’s results as excellent and forecast that, whilst premium rates are expected to decline in 2011, the firm’s business model would remain highly competitive.

 

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