Faraday Syndicate 435 posts dramatic fall in profits, despite growth

Faraday’s Lloyd's Syndicate 435 has reported a profit of £54.5 million in 2015 – nearly half of its 2014 profit of £101.6 million.

Despite the dramatic fall in profits, the syndicate did report a growth in its gross written premiums last year, up to £226.8 million, compared with £207.6 million in the previous year.

Its earned premiums, net of reinsurance also grew to £181.5 million in 2015, compared with £176.2 million in 2014 and its net claims paid reduced to (£22.3 million) last year compared with (£69.4 million) in the previous year.

The syndicate’s total assets were also up to £810.7 million in 2015, compared with £762.3 million in 2014.Balance on the technical account - general business was dramatically down to £58.5 million last year however, compared with £103.0 million in the previous year. Net operating expenses also were up to £64.4 million in 2015, compared with £61.3 million in 2014.