Wellington announced pre-tax profits up 33% to £32.4m for the first half of 2004. The comparable 2003 figure was £24.3m.
Wellington also announced that annualised return on equity excluding Aspen was 19.3%.
The technical result from 56% participation on Syndicate 2020 has increased 66% to £31m (2003: £18.7m), reflecting predicted earnings caused by strong underwriting conditions, low loss experience and decreased reinsurance costs.
Wellington chairman John Barton said: “This is a very strong performance and the results reflect the high standard of Wellington's underwriting. As expected, premium rates have softened, but this is by no means a soft market and underwriting conditions remain extremely favourable. There is now visible earnings momentum coming through and we remain confident about our ability to deliver good returns to shareholders over a sustained period of time."
