Benfield Group reported a pre-tax profit of £113m for the six months to 30 June 2004.
This compared to a pre-tax profit of £52.9m for the same period in 2003.
But Benfield said the amendment to Financial Reporting Standard 5 (FRS 5) meant the first half result had been improved at the expense of the second half result.
A Benfield statement said: “The effect of FRS 5 is to accelerate the recognition of revenues into the first half of the year, thereby improving the trading margin in this period to the detriment of the second half of the year.”
Turnover stood at £202.2m, against £201.6m in the first half of 2003.
The group said it would pay an interim dividend of 3.5p per share as well as a special dividend of 10p per share.
Benfield chief executive Grahame Chilton said: “I am pleased to announce positive growth in our business. While unfavourable foreign currency movements affected the reported result, the underlying growth remains strong, with the performance of our US and European business particularly encouraging".
