Pre-tax profit tops £89m
Chaucer Holdings reported record pre-tax profit of over £89m for 2007.
In its preliminary results for the year ended 31 December 2007, the Lloyd’s insurer reported pre-tax profit had risen by 4% to £89.4m.
Gross written premiums were £584.1m for the year down from £594m in 2006.
Chaucer Holdings chief executive Ewen Gilmour said: “I am extremely proud of the progress we have made to establish Chaucer as a leading Lloyd’s insure. Our excellent set of results produced for 2007 reflect this success, with record profits, a return on equity of 31.7% and a 25% increase in the annual dividend.
“Our diversified portfolio, particularly our large UK motor account, strengthens our ability to manage the effect of the international marine and non-marine market cycle on our business.”
Chaucer’s combined ratio improved to 81.6% compared to 84.7% in 2006.
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