Lloyd’s-listed insurer Omega Insurance Holdings reported a light fall in first half pre-tax profits for 2009, but remained optimistic.
Financial Highlights
- Profit before tax of $22.9 million (H1 2008: $24.5 million)
- Profit after tax of $20.6 million (H1 2008: $21.8 million)
- Premium income of $187.5 million (H1 2008: $185.9 million)
- Combined ratio of 82.5% (H1 2008: 83.7%)
- Effective tax rate of 10% (H1 2008: 11%)
- Interim dividend of 6 cents per share
Operational
- Loss ratios reflect limited large loss experience in the first half of 2009
- Omega US growing rapidly writing $17.1 million in the period (H1 2008: $2.6 million)
- Omega Specialty direct underwriting growing premium income of $52.1 million (H1 2008: US $33.6million)
- Completion of £124 million capital raise in January 2009.
- Successful capacity offer increasing the Group’s share of Syndicate 958 to 34.7% from 16.4% for the 2010 year of account onwards.
- Admission to the London Stock Exchange Main List occurred on 7 July.
- AM Best A- (Excellent) rating for Omega Specialty reaffirmed
- AM Best A (Excellent) rating for Syndicate 958 reaffirmed
- Firming of rates in our core lines of business continues, giving a positive outlook for the full year 2009 and beyond
Richard Tolliday, Chief Executive of Omega, commented :“We are pleased that our first-half results demonstrate our ability to deliver attractive returns whilst growing our newer platforms. We close the first half with strong results, continued growth, a successful capacity offer and our move up to the Main List. Omega is well positioned to take advantage of the opportunities the current market place offers.”
