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BRIEF-Novae sees FY underwriting contributions lower than its previous expectations
December 8, 2016 / 7:24 AM / 9 months ago

BRIEF-Novae sees FY underwriting contributions lower than its previous expectations

Dec 8 (Reuters) - Novae Group Plc :

* Pre year-end trading update

* Trading experience in second half has seen a continued prevalence of larger individual risk and catastrophe losses, as outlined at half year

* Investment performance for year to date remains strong

* Expected to result in a write down of deferred acquisition cost asset in opening balance sheet by approximately 17 mln stg and an increase in deferred acquisition cost charge for 2016

* Impact of larger individual risk losses means that underwriting contribution for year is likely to be lower than our prior expectations

* Overall combined ratio for FY 2016 is anticipated to be within a range of 98 pct to 100 pct

* Recent significant bond market sell-off following U.S. elections has had a corresponding impact on our fixed income portfolio value Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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