Lloyd's insurer Kiln said pre-tax profit had tripled as it released its 2003 full year results.
Pretax profit surged from £11.8m in 2002 to £33.1m for the 12 months ending 31 December 2003.
The combined ratio for the year was 77%, down from 84% in the previous year.
The rating environment remained stable with the company maintaining its underwriting discipline, said Kiln. It is not prepared to chase volume of business, said the Lloyd's insurer.
Kiln said it expected to distribute 15% and 20% of after tax profits in 2004 and 2005 respectively.
Chairman Ian Percy said: “We are well aware of the importance of dividend flow for investors and are committed to a clear policy in this regard.
“We expect cash flow to increase significantly from 2005 so, all other things being equal, it is our current intention to pay dividends of 15% and 20% of profits after tax for 2004 and 2005 respectively.”
