Intermediary-only insurer MMA Insurance said 2003 had been its most successful trading year as it posted its full year results.
It said the company nearly doubled its operating profit during the year, up from £7.3m in 2002 to £13.7m for the twelve months ending 31 December 2003.
Gross written premiums went up 6.4% in the year to £203m, with MMA’s household business seeing a 16.2% increase in gross written premiums and commercial property and packages seeing a 10.3% increase.
The company had a 2003 combined ratio of 99.7%
It said the strong 2003 results were a testament to its commitment to and continued support of the intermediary market.
Significant growth was achieved in both domestic and commercial property classes, said the insurer. It added that both areas would continue to be key areas for development.
Commenting on the results, MMA chief executive Garry Fearn, said: “MMA has delivered a record result, in what is its best trading year to date. This is in no small part thanks to the continued strength and relevance of intermediaries in the UK.
“Our continued drive to control costs and improve service has also produced a further reduction in our expense ratio. This is amongst the lowest in the sector and has been achieved without compromising service levels.
"Another important element is the often overlooked benefit of operating from a single site staffed with technical experts.
