Highway sees evidence of premium rate recovery in H1 results
Highway has reported to the Stock Exchange a profit before tax of £11.8m up from £7.5m in the same period last year and saw the value of gross written premiums increase from £119.3m last year to £131.2m in 2007 (up 10%) in its H1 interim results.
Return on investment was also up to 3.9% (2006: 2.5%) and Hero Insurance, its retail broking arm, grew to almost 230,000 policies. However, its operating ratio fell to 100.9% (98.1%: 2006), a result that group chief executive Andrew Gibson blamed on a flat market and the pressure on claims costs.
Richard Gamble, Highway chairman, said: “A strong investment performance in the first six months has resulted in an interim result that is well ahead of 2006.
“Underwriting conditions remained
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