Novae profit rises despite rating and currency conditions
Novae Group has attributed a five percentage-point improvement to its combined ratio to 90.8% (H1 2013: 95.8%) in the first half of this year to a positive claims experience, resulting in an 89.4% increase in underwriting contribution to £19.7m (H1 2013: £10.4m).
The insurer’s claims ratio improved to 49% (H1 2013: 58%) and gross written premium at constant rates of exchange increased by 6% to £362.6m (H1 2013: £361.8m) for the six months ended 30 June 2014.
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