Pre-tax profits, premiums and combined ratio all improve
Catlin has reported an 8% rise in net income to $462m for the 2007 year, up from $428 in 2007.
Unveiling its full year results today, Catlin said its gross written premiums increased to $3.36bn from $2.72bn while its combined ratio improved by 3.2 points, to 84.1% from 87.3%.
Total earnings per share were $1.84, up from $1.73 in 2006. A proposed total dividend of 25.1p per share was announced.
Sir Graham Hearne, Chairman of Catlin Group Limited, said: “Catlin is reporting record financial results today, including an 8 per cent increase in net income available to common shareholders, a return on average equity of 21 per cent and an increase in net tangible assets per share of 29 per cent. We have entered 2008 in a strong position and are confident of our prospects. This confidence is reflected in the proposed total dividend of 25.1 pence per share, an increase of 9 per cent.”
Stephen Catlin, Chief Executive of Catlin Group Limited, said: “2007 was a landmark year for Catlin. All parts of our business performed well, and we successfully integrated Wellington’s operations with our own. We advanced our strategy of further diversifying our risk portfolio and expanding our distribution capabilities through the development of Catlin US and our international offices.
“The progress in our operations outside London and the embedded growth emerging from the Wellington acquisition should enable us to maintain business volumes even in the challenging underwriting conditions anticipated during 2008. Those factors, combined with more than US$125 million in annual cost synergies, provide the Group with a strong foundation for ongoing success.”