22% increase in pre-tax profit
Novae posted pre-tax profit of £17.7m for the six months ended 30 June 2007, up 22% on the same period last year.
Gross premium revenue fell to £135m from £147.6 in 2006. The combined ratio was 86%.
Matthew Fosh, chief executive, said: “Novae has had a successful first half. Underwriting has been profitable across all areas of the business. Although the competitive environment is more challenging, we remain upbeat for the year as a whole.”