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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk