Elite Insurance have today announced their annual trading results for the period to 31 March 2016.
In what has been, in many ways, a challenging year for the insurance industry, Elite has shown growth in all key areas: Gross written premium, Technical profit, Profit after tax and Net assets.
Profit before taxation has increased from £4.62m to an impressive £11.47m.
Elite key financials 31 March 2016:
|Gross Written Premium||166.87||160.4|
|Profit Before Tax||11.43||4.62|
|Cash and Equivalents||80.57||73.75|
CEO, Jason Smart, had this to say, “It has been a challenging year for all concerned. Our team have had to contend with major regulatory change with the introduction of Solvency II in January 2016, increased regulatory oversight and the inevitable pressures on our team as the result of Elite’s growth.
Nonetheless, we have achieved a substantial increase in profitability as well as a comfortable increase in our surplus over solvency requirements under both Solvency I and Solvency II. I applaud our team for the fantastic efforts”.
Other key achievements for Elite during the year under review include the renewal of a major property scheme, the renewal of a number of other valuable schemes and receiving regulatory approval from the SRA for in-house legal firm, Elite Law, which will give the company greater control over the legal aspects of their claims process and will substantially reduce costs.