LONDON (dpa-AFX) - Lancashire Holdings Limited (LRE.L), a provider of specialty insurance and reinsurance products, Thursday reported a increase in pre-tax profit to $78.9 million compared with $46.5 million during the same period last year.
For the quarter, net premiums written dropped to $118.6 million compared with $132.1 million during the last year.
On a per share basis, the firm reported earnings of $0.42 compared with $0.25 during the same period prior year.
The company reported profit after tax of $77.9 million compared with $45.2 million during the previous year. Comprehensive income was $66.3 million compared with $56.2 million last year. Net operating profit climbed to $67.3 million from last year's figure of $42.9 million.
Elaine Whelan, Group Chief Financial Officer, said, 'With the 1 January and 1 April renewals performing reasonably in line with expectations, we will continue to monitor opportunities as we approach the U.S. hurricane season. However, all else equal, we anticipate a slight worsening in trading conditions and therefore would expect to return earnings generated in 2013 to shareholders towards the end of the year.'
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