Net income up 44.7%; GWP up 22.5%
Glacier Re has said this morning that net income after tax for the six months ended 30 June 2007 was $33m, an increase of 44.7% over the prior period (H1 2006: $22.8m).
The reinsurer said gross written premiums (before reinstatements) were $304.9m, an increase of 22.5% on a comparable basis over the prior year (H1 2006: $248.9m). The company said premiums written increased across all business lines with the exception of retrocessional risk business which declined when compared to the prior period.
The net combined ratio improved to 80.4% (H1 2006: 81.1%) and net underwriting capital increased to $531m.
Robbie Klaus, chief executive officer and chief underwriting officer at Glacier Re, said: “This is an excellent half year result highlighting the strength of our business as well as our commitment to our customers. We continue to diversify and expand our product capabilities with the addition of Glacier Insurance to the Group. Our multi-platform allows us to pursue a strategy of profitable growth in a softening market.”
