Highway Insurance has reported a fall in profit to...
Highway Insurance has reported a fall in pre-tax profit to £7.5m for the first six months of 2006 (H1 2005: £11.3m), reflecting "underwriting conditions and a difficult investment market."
Highway said that in "tough market conditions" it has maintained underwriting discipline at the expense of a 9% reduction in gross written premium to £119.3m (H1 2005: £130.8m)
The companies operation ratio declined to 98.1% from 96.9% previously.
Richard Gamble, executive chairman said: “This represents a satisfactory performance for the half year. Whilst conditions in the motor insurance markets remain challenging Highway is well positioned to take advantage of an upturn in the markets when this emerges.”
At 10am, shares in Highway were down 2.54% to 70p.
Recent Related News
Gibson back on Highway
Gamble named exec chairman at Highway
Highway launches private vehicle repairer network
