Kiln plc said improved underwriting conditions helped the insurer post a healthy rise in profit before tax.
Profits rose to £3.5m for the first six months to 30 June, compared to £1.2m for the sam ...
Kiln plc said improved underwriting conditions helped the insurer post a healthy rise in profit before tax.
Profits rose to £3.5m for the first six months to 30 June, compared to £1.2m for the same period last year. Gross written premiums rose to £485.8m during the same period compared to £294.2m last year.
Chairman Edward Creasy said in his statement: "The beneficial underwriting results in this interim statement are of course tempered by the disappointing investment result in the last six months; even though our investment management performance was marginally better than market benchmarks set by the board."
He also said the board had reviewed the dividend policy and had decided to "fully employ our capital resources in support of our underwriting activities". As such Kiln will not declare an interim dividend at this stage.
He added: "We are well placed to achieve our ambitions underwriting plans for 2003, when we intend to have in excess of £750m of premium income capacity under management."
Kiln's combined ratio was reduced to 95% from 103% at 2001 interims. The company said it will increase capacity over 20% of the forecast for 2003.
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