FM Global reported a 173% rise in net income for the 12 months ending 31 December 2003, reaching £387m, compared with £142m for 2002.
It said operating income nearly doubled to £580m, up from £305m for the prior year.
In the UK, FM Global said it saw consistent profitable growth with gross written premiums rising 16% to £332m.
For the company as a whole, the combined ratio was 66.4%, which the company said had significantly exceeded its expectations.
Chairman and chief executive Shivan Subramanian said FM Global would selectively increase its risk appetite to provide eligible clients with improved and expanded coverage.
