Agile’ Novae posts strong growth in 2014
Novae Group, the specialist insurance group, enjoyed strong growth in 2014 while is profits remained stable. Its CEO said the market conditions suit ‘agile’ firms able to adapt.
The company’s gross written premiums increased to £638.5 million last year, a 13 percent rise on the £590.3 million in 2013. Its pre-tax profit for the year was £52.4 million, a slight increase on the £54.2 million it made in 2013.
The company’s claims ratio improved to 49.1 percent compared with 52.4 percent a year earlier while its combined ratio hit 91 percent compared with 90.3 percent in 2013.
Its net investment income also improved, reaching £14.3 million compared with £11.1 million the year before.
Matthew Fosh, group chief executive, said: “The group has again performed strongly, achieving record premiums, an improved claims ratio, and making good progress operationally.
“Opportunities for profitable growth remain for those with the agility to navigate a challenging market environment. We continue to invest in the business, to attract talented people and to develop new ideas, all of which are maintaining and building the group’s momentum.”
