Operating profit nearly doubled during 2003, revealed SVB Holdings as it published its full year results.
It reached £31.6m for the 12 months ending 31 December 2003, up 190% from £10.9m in 2002.
The combined ratio was 99.9%, compared with 107.2% for the previous year.
Pretax profit was £17.8m, up from £10.1m for 2002. Profit after tax was £12.3m for the year.
The company said underwriting discipline had been maintained across all markets, while chairman Paul Selway-Swift described 2003 as a crucial year in the company's rehabilitation, with the creation of a strong platform for growth.
“Today's results mark a further step in SVB's rehabilitation. Current trading conditions remain excellent and market discipline is being maintained. The benefit of the hard cycle is evident in our trading performance.
“Despite further reserve strengthening in our discontinued classes we have delivered a quantum growth in operating profits. We look forward to the future with confidence.”
