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BRIEF-Novae Group takes $35 mln stg profit hit profit from Ogden rate change
March 9, 2017 / 8:15 AM / 8 months ago

BRIEF-Novae Group takes $35 mln stg profit hit profit from Ogden rate change

March 9 (Reuters) - Novae Group Plc

* Profit before tax of 59.1 million pounds before Ogden

* Profit before tax of 23.7 million pounds including Ogden

* Gross written premium of 901 million pounds ($1.10 billion) (2015: 787 million pounds)

* Weighted average rates on renewal premium reduced by 3.5 percent

* Combined ratio of 98.3 percent before Ogden rate change

* Combined ratio of 103.6 percent, including Ogden

* Net investment income of 32.7 million pounds (2015: 6.8 million pounds)

* Final dividend of 7.5p per share

* Chairman says ogden one off impact on our reserves and we must focus on returning comfortable level of surplus that we have carried to date Source text for Eikon: Further company coverage: ($1 = 0.8224 pounds) (Reporting by Maiya Keidan)

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