LONDON (Reuters) – Lloyd’s of London insurer Lancashire posted a pre-tax revenue of $54.1 million within the first half, helped by rising premium charges, it stated on Wednesday, although the outcomes got here in under analysts’ forecasts.
Lancashire recorded a pre-tax lack of $23 million a yr in the past because of the impression of the COVID-19 pandemic.
Lancashire’s outcomes have been helped by a 41% rise in gross written premiums and an increase in premium charges on renewals of 11%, it stated in a press release.
“Wanting forward, we count on the ranking setting to stay optimistic,” Chief Government Alex Maloney stated.
Underwriting income have been robust at $127.1 million, regardless of the impression of Winter Storm Uri in america, Lancashire stated.
The property and casualty insurer’s mixed ratio strengthened to 80.7% from 106.9% a yr in the past. A stage under 100% signifies an underwriting revenue.
However the pre-tax revenue numbers got here in under analysts’ expectations of $117.7 million, in line with a company-supplied consensus forecast.
Lancashire stated it will pay an interim dividend of $0.05 per share, the identical as a yr in the past.
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