Daily Insurance Industry News
Daily Insurance Industry News
Monday 24th of September 2018
February 27, 2012

Lancashire Q4 and annual profits decline

by Richard Kilner

Story link: Lancashire Q4 and annual profits decline

Lancashire Holdings Limited has reported its financial results for the quarter and year ended 31 December 2011.

The quarterly net operating profit slumped from $123.4m to $38.1m, with net profit after tax similarly down from $131.8m to $39m.

This is also down on Q3 2011, when the firm made net profits of $75.7m.

Gross written premiums rose in Q4 from $94m in the corresponding period last year to $109.6m in 2011.

Net written premiums in the fourth quarter rose from $93.7m to $102.4m.

Quarterly return on equity fell from 6.4% to 2.7%, with the annual figures down from 23.3% in 2010 to 13.4% in 2011.

The annual net profit, after tax, fell from $330.8m in 2010 to $212.2m in 2011, with net operating profits falling from $306.5m to $219m.

Group Chief Executive Officer Richard Brindle described the return on equity of 13.4% as outstanding, given the catastrophes and economic uncertainties of 2011.


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