Chaucer said high premium rates and a low claims experience led to a surge in pretax profits as it released its results for the twelve months ending 31 December 2003.
It said pre-tax profit had leapt to £35.8m for the year, up from the 2002 figure of £3m.
Operating profit grew to £38.6m, up from £13.7m in the previous year.
Chaucer said it also benefited from the merger of three of its Lloyd's Syndicates, 587, 1084, and 1096. Chairman Martin Gilbert described the merger as an important step in the development of the group.
The group's combined ratio, excluding the discontinued US casualty account, fell to 79.4%, down from 92.1% in the previous year.
The company said market conditions remained excellent with an encouraging outlook.
“In 2003 we achieved our strategic targets and have now delivered an outstanding set of results. Income grew strongly and, more importantly, underwriting performance excelled,” said managing director Ewen Gilmour.
I am confident that our rigorous approach to underwriting will continue to deliver real value for our shareholders in the future”
