Financial highlights

Financial highlights Year ended 31 December 2015 (£m) Year ended 31 December 2014 (£m) Year ended 31 December 2013 (£m)
Gross written premium 787.0 638.5 590.3
Net earned premium 582.6 483.2 502.2
Underwriting contribution 53.7 43.3 48.9
Investment contribution 6.8 14.3 11.1
Financing costs (6.6) (6.1) (6.3)
Other income and foreign exchange gain/(loss) 1.5 11.1 (10.9)
Profit/(loss) before tax 55.4 62.6 42.8
Net assets 350.3 336.1 313.3
Net tangible assets 347.2 332.5 308.9
  Year ended 31 December 2015 Year ended 31 December 2014 Year ended 31 December 2013
Return on equity 15.0% 15.5% 10.4%
Basic earnings/(losses) per share 81.0p 79.0p 50.2p
Dividends per share 27.3p 24.8p 22.5p
Net asset value per share 556.2p 527.6p 498.1p
Net tangible asset value per share 551.3p 522.0p 491.1p
Ratios Year ended 31 December 2015 Year ended 31 December 2014 Year ended 31 December 2013
Claims ratio1 48.3% 49.1% 52.4%
Expense ratio2 42.5% 41.9% 37.9%
Combined ratio3 90.8% 91.0% 90.3%

1 Claims ratio is net claims incurred divided by net earned premium for the year.

2 Expense ratio is operating expenses plus policy acquisition costs incurred divided by net earned premium. The expense ratio includes non-recurring items.

3 Combined ratio is the total of the claims and expense ratios.

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