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Novae reports results for 2016

Novae reports results for 2016

Novae Group plc, today announces its preliminary results for the year ended 31 December 2016.

  • Gross written premium of £901.0 million (2015: £787.0 million)
  • Weighted average rates on renewal premium reduced by 3.5%
  • Combined ratio of 98.3% before Ogden rate change1 (“before Ogden”); 103.6% including Ogden; (2015 restated: 91.3%)
  • Net investment income of £32.7 million (2015: £6.8 million)
  • Profit before tax of £59.1 million before Ogden; £23.7 million including Ogden; (2015 restated: £52.4 million)
  • Return on equity of 15.5% before Ogden; 6.6% including Ogden; (2015 restated: 14.7%)
  • Net asset value per share of 512.2p (2015 restated: 534.8p)
  • Final dividend of 7.5p per share (2015: 20.0p per share)

Matthew Fosh, Chief Executive Officer, today said:

“Notwithstanding the challenges presented by market conditions, including the recent change in the Ogden discount rate, we continue to pursue our stated strategy of investing in those underwriting classes where we have demonstrable competitive advantage. Irrespective of short-term knocks, this strategy has steadily been transforming this business since 2013 - the journey is not yet complete, but the direction of travel is set.”

View the full announcement here.
Click here for the results presentation.