Motor insurer Highway saw first half profits dip as investment income fell.

The Essex-based insurer plans to outsource the task of asset allocation having previously done the work inhouse.

Profit before tax in the first half was £4.7m compared to £5.1m in the same period last year.

Operating profit based on a longer term investment return and exceptional items was flat, at £6.53m compared to £6.47m.

Investment income was £5.8m compared to £6.1m.

The gross written premium figures were skewed by use of co-insurance last year. Finance director Ian Patrick said there had been a "modest increase" in business written.