SVB has made a £17.1m after-tax loss for 2005. This represents a considerable improvement on the Lloyd's insurer's £90.1m loss for the previous year.
SVB's gross premium revenue fell from £466.9m to £366.6m, while its net premium revenue declined from £417.1m to £270.6m.
The company posted an operating profit of £2.9m, compared with a £101.5m loss for 2004. It made a loss before tax of £13.9m.
SVB's combined ratio deteriorated from 89.4% to 95.2%.
Matthew Fosh, SVB's chief executive, said: "Despite an unprecedented series of catastrophe events, and whilst still carrying a fading burden from our discontinued legacy business, we have again achieved a top quartile underwriting performance and generated an operating profit."
