Insurer Catlin profits jump despite softening market
Insurance group Catlin has reported a surge in profit before tax of 27 per cent to $432m (£263m) for the year ended 31 December.
Common stock holders also saw net income jump 29 per cent to $392m.
The company enjoyed a record net underwriting contribution of $1bn. However, total investment return fell to 1.5 per cent from 2012's two per cent.
John Barton, chairman of Catlin Group, said:
Whilst it is now clear that market conditions are becoming increasingly competitive for many classes of business underwritten by Catlin, margins are still strong. I believe that Catlin has the strategy, the infrastructure and most importantly the people in place to continue to produce good results for shareholders.
The FTSE 250 company believes there are still significant opportunities, despite a softening market.
Stephen Catlin, chief executive, said:
It also must be remembered that margins for most classes of business are still strong and that rates for some classes of business are still rising.
Catlin announced a five per cent increase in its annual dividend to 31p per share.