SVB Holdings reported a pre-tax profit of £10.1m for the year ending 31 December, 2002.
This was against a loss of £110.1m in 2001.
Earnings per share were 3.8p, against a loss of 46.4p.
Gross premiums written were £506.6m, against £656.9m in 2001.
Chief Executive Matthew Fosh said: "These results demonstrate the highly encouraging turnaround achieved by SVB.
"We are participating strongly in the excellent market conditions.
"Our optimism and confidence in the company's prospects continues to grow."
