MMA Insurance has failed to achieve its fundamental objective of underwriting profitability.
The insurers 2002 results show that the company did not improve its operating ratio of 101% - at a time when many insurers have been enjoying significant improvements. Its operating profit also fell by £1.8m to £7.3m.
The company's gross written premium increased by 17% to £190.8m, and its expense ratio fell to 7.5% from 8.3% in 2001.
