Fortis Insurance UK reports £76m profit for 2008
Fortis Insurance UK has reported £76m in non-life profits before tax and interest for 2008. This is compared with £30m in 2007, which was impacted by floods, and £77m in 2006.
The company's non-life gross written premium (GWP) for 2008 was £760m, up £2m from the previous year. The reported non-life combined operating ratio after investment income improved to 92.2 per cent from 98.1 per cent in 2007.
Fortis' capital position ended the year at £346m, which is 2.82 times the minimum capital required by the FSA. The company has a low risk investment portfolio which increased in value by £43m in 2008 over the previous year.
Barry Smith, chief executive of Fortis UK commented
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