Hiscox has seen a dip in UK profits for 2006 after investing £10m in a major brand building drive, including its first television advertising campaign.
Profits for the company's UK operations fell from £40.4m in 2005 to £31.9m. This was partly due to the large increase in marketing expenditure during the year.
However, as a result of the advertising campaign, Hiscox said gross written premiums grew to £226.3m from £207.3m with its direct account almost doubling in income.
Bronek Masojada, chief executive of Hiscox, said: "Hiscox UK and Hiscox Europe have expanded their revenues during the year. The reduction in profitability reflects the outstanding year they had in 2005."
Meanwhile, the group's pre-tax profit was £201.1m compared to £70.2m in 2005. Its combined ratio was 88.3% down from 96%.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
