Lloyd’s insurer Novae published its results for the year ended 31 December 2014 on 4 March 2015. The company recorded a 13% growth (at constant rate of exchange) in gross premium volumes and reduced its combined ratio to a four your low. Profit before tax increased by 46% (although this included foreign exchange gains of £10m).  Reserve releases contributed 6.5% to the combined ratio, up from 4.2% in 2013.

 In summary, the results are as follows:

 

 

Year to

31 December 2014

Year to

31 December 2013

Change

Gross Written Premium £m

638.5

590.3

+8%

Net Earned Premium £m

483.2

502.2

-4%

Profit before tax £m

62.6

42.8

+46%

Combined ratio

91.0

90.3

0.7 point improvement

 The full results can be found here and the analysts’ presentation slides here.

Novae’s result completes the set for the Lloyd’s listed insurers. This group of companies, the majority of which write business both inside and outside Lloyd’s, have a combined premium volume around 40% of the total Lloyd’s market and collectively their results are often a worthwhile forecast of the overall Lloyd’s result, which is due on March 26.

Summary results of the ILVs are as follows

 

 

 

2014 Full year

2013 Full year

Change 

 

Reporting

Currency

Gross Premiums

COR

pre-tax profit

Gross Premiums

COR

pre-tax profit

Gross Premiums

Combined Ratio

pre-tax profit

 

  

m

%

m

m

%

m

 

  

 

Amlin

GBP

2,564

89

259

2,467

86

326

4%

(3)

-21%

Beazley

USD

2,022

89

262

1,970

84

313

3%

(5)

-16%

Brit

GBP

1,302

90

149

1,186

85

107

10%

(5)

39%

Catlin

USD

5,966

87

488

5,309

86

432

12%

(1)

13%

Lancashire

USD

908

69

227

698

70

218

30%

1

4%

Hiscox

GBP

1,756

84

231

1,700

83

245

3%

(1)

-5%

Novae

GBP

639

91

63

590

90

43

8%

(1)

46%

Lloyd's Sector

GBP

11,963

87

1,327

11,056

85

1,338

8%

(2)

-1%

Lloyd's

GBP

 

 

 

26,106

87

3,205