Pre-tax profits fell from £77m in 2006 to nearly £36m last year and the combined ration soared from a very healthy 88.5% in 2006 to 102.9% in 2007.
The insurer also reported a group underwriting loss of nearly £7m, down from a profit of £27m in 2006.
Despite the results, group chief executive Michael Tripp remained bullish: “There’s no doubt it has been a difficult year for the entire industry. But I’m delighted that we’ve weathered the storm. We have produced another strong profit, further