XL Capital reported a 41% increase in second quarter underwriting profit. The Bermuda-based company made $109.8m (£60.3m) in the period compared to $77.9m (£42.8m) in the second quarter of 2003.The insurer's combined ratio also improved on the second quarter of 2003, falling to 89.7%.
Halifax Bank of Scotland (HBOS) General Insurance reported a 12% increase in premium income to £840m for the first half of 2004. Pre-tax profit increased 13%, compared to the first half of 2003, reaching £239m.
Ace Ltd reported an 11% increase in its net income for the second quarter of the year, up from $371m (£203m) in 2003 to $413m (£226m). Net premiums written increased 25% to $2.8bn (£1.6bn). Ace said its property and casualty combined ratio also improved to 89% for the quarter compared with 91.7% a year ago.
Pre-tax profits at Markel fell slightly to $86.8m (£47.5m) for the second quarter of 2004, compared with $87.4m (£47.8m) for the same period in 2003. Gross written premiums for the second quarter were $633m (£347m), up from $619m(£339m) the previous year. The combined ratio for Markel's London market operations for the quarter improved to 100%, down from 102% for 2003.
Net income at Chubb increased with the insurer reporting $356.1m (£194.8m) for the second quarter, up from $252.1m (£137.9m) the previous year. Net written premiums grew 12%, reaching $2.9bn (£1.6bn) for the quarter.
Legal & General reported a fall in pre-tax profit for the second quarter of the year, down from £412m in 2003 to £365m. It blamed the fall on a £240m charge from the adoption of more conservative mortality experience assumptions for its annuity business. For Legal & General's general insurance business, net written premiums grew 17%, up from £184m in the second quarter of 2003 to £215m for 2004.
Revenue from the RAC's Financial Services operations jumped 24% in the six months ended 30 June 2004. Revenue went up from £4.2m in the first half of 2003 to £5.2m.
