Wellington Group reported a massive 244% increase in pre-tax profit to £116.7m for the year ended 31 December 2003.

This compared to a pre-tax profit of £33.9m the previous year.

Wellington Syndicate 2020 made a pre-tax profit of £61.3m, against £38.4m the year before.

Wellington Underwriting made a pre-tax profit of £9.2m, compared to £5.9m the previous year.

Wellington reinsurance arm Aspen reported a pre-tax profit of £63.1m, against £1.2m in 2002.

The board recommended a final dividend of 1.65p to be paid to shareholders on 25 June 2004.

Wellington said it expected to recommend a dividend of not less than 4p per share for 2005.