After tax profit of £19.2m and successful year for Advent Re
Advent, the specialist property insurance and reinsurance Lloyd’s insurer, has today reported its 2007 final results.
The company saw an after tax profit of £19.2m (2006: £16m) with a return on shareholders’ equity of 21.6%. Net premiums earned were £96.0m (2006: £81.7m).
Net assets per share increased by 22% to 26.7p at 31 December 2007.
It also reported strong underwriting performance in 2007 despite an increase in attritional catastrophe losses compared with 2006.
All lines of business had underwriting profits, with the Non-Marine Reinsurance portfolio producing an underwriting profit of £16.3 million, including Advent Re’s contribution of £4.9 million in a loss free year.
Key highlights include:
· Corporate objectives for 2007 met or exceeded
· Profit before tax of £25.2 million
· Return on equity of 21.6%
· Successful first year of operation for Advent Re with underwriting profit of £4.9 million and no losses
· Improvement in prior years’ claims of £1.1 million
· Recommendation to 2008 AGM to pay first dividend since listing of 1.25p per share
Brian Caudle, chairman of Advent Capital (Holdings) PLC, said: "I am pleased to report another year of strong performance with return on equity of 21.6% and an underwriting combined ratio of 78%.
"Advent Re had a very successful first year of operation with no claims. Although market conditions are becoming more competitive, these are conditions where we have successfully traded in the past while maintaining our underwriting discipline and focus on underwriting profit."
