Financial highlights

Financial highlights Year ended 31 December 2016 (£m) Year ended 31 December 2015* (£m) Year ended 31 December 2014 (£m)
Gross written premium 901.0 787.0 638.5
Net earned premium 644.8 582.6 483.2
Underwriting contribution (44.6) 50.7 43.3
Investment contribution 32.7 6.8 14.3
Financing costs (7.7) (6.6) (6.1)
Other income and foreign exchange gain 43.3 1.5 11.1
Profit before tax 23.7 52.4 62.6
Net assets 321.5 336.8 336.1
Net tangible assets 318.8 333.7 332.5
  Year ended 31 December 2016 Year ended 31 December 2015* Year ended 31 December 2014
Return on equity 6.6% 14.7% 15.5%
Basic earnings per share 34.3p 76.7p 79.0p
Dividends per share 15.0p 27.3p 24.8p
Net asset value per share 512.2p 534.8p 527.6p
Net tangible asset value per share 507.9p 529.8p 522.0p
Year ended 31 December 2016 Year ended 31 December 2015* Year ended 31 December 2014
Claims ratio 59.3% 48.3% 49.1%
Expense ratio 47.7% 43.0% 41.9%
Combined ratio 107.0% 91.3% 91.0%

*In December 2016 the Group announced it would write down a portion of its deferred acquisition costs asset on the Balance Sheet following a review of key accounting judgements. This has resulted in a prior year restatement to net assets of £13.5 million.

Dividend history

Year Interim (pence) Final (pence) Special (pence) Total (pence)
2011 5.0 13.0 NIL 18.0
2012 5.5 14.5 NIL 20.0
2013 6.0 16.5 20.0 42.5
2014 6.6 18.2 20.0 44.8
2015 7.3 20.0 22.5 49.8
2016 7.5 7.5 NIL 15.0