Alea reported improved operating profit but lower profit before tax for the six months to 30 June compared with the same period 2003.
Alea said operating profit increased 74% to $61.4m compared to $35.3m. And profit before tax fell from $41.4m in 2003 to $24.2m for the first half of 2004.
Alea also said that combined ratio improved to 95.7% in the first half of 2004 compared with 97.1% in the first half of 2003.
Gross written premiums rose from $771.8m in the first half of 2003 to $993.2m in the first half of 2004.
Alea noted that its London operation wrote $6.1m in specialist motor through new contracts with Kinetic and Endsleigh and that $14m would be written in the second half of the year through these contracts.
Alea London recorded an 8% reduction in gross written premiums between the first half of 2003 and the first half of 2004 and a worsening combined ratio from 88.5% to 90.5%.
