Flood Re reports £130m pre-tax profit

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Flood Re has assisted 127,326 policyholders in getting flood cover for their homes in its first year of operation according to the provider’s results ended 31 March 2017.

The results also showed that Flood Re made a pre-tax profit of £130m having collected £180m levy income and a gross written premium of £28m. Profit after tax was £104.1m.

The organisation noted that “relatively benign weather since the scheme’s launch” on 4 April 2016 has resulted in few claims being made.

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