Novae records second successive year of record profit
Novae has reported its second successive year of record profits despite citing continuation of difficult trading conditions last year.
Profit before tax was up 31% to £41m (2006: £31.3m) with operating profit up 21% to £56.4m up on last year’s delivery of £46.8m, delivering a combined ratio of 90.4%.
A statement from the insurer also revealed that it had released £5.8m from its reserves.
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