Novae reports £22.4m operating profit
Lloyd's and company market insurer Novae has reported an operating profit excluding FX effect on non-monetary items of £22.4m, a fall of £300 000 on the previous half year performance. Profit before tax was up £17.7m, up 22% (2006: £14.5m)
A reduction of £12.6m in gross written premium and a larger figure ceded in reinsurance during the first half of 2007, meant Novae's net written premiums were £96.8m (H1 2006 114.8m)
The combined
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