Key highlights:
- Pre-tax profit of £2.8m (2014: loss of £1.6m) - driven by a very strong contribution from legacy acquisitions including the largest Part VII transfer the Group has completed to date
- Positive movements in run-off portfolios with strong net reserve release of £9.5m (2014: £2.4m, adjusted for retrospective premium)
- Continued strong performance in the UK operations of the Insurance Services Division, particularly broker run-off and premium credit control services
- Successful completion of sale of the R&Q Marine Services Limited MGA to Hiscox at a premium to its carried value and of the Synergy book to Plum Underwriting during early 2016
- Continued interest in our Lloyd's turnkey capability
- An investment return of 1.1% on the Group's 'free' assets (2014: 2.5%) amidst very challenging markets
- Issue of €20m Tier 2 Capital in R&Q Insurance Malta
- Proposed Distributions per share maintained at 8.4p with a final proposed distribution of 5.0p payable on or around June 1, 2016
- Book value per share excluding goodwill increased marginally to 98.5p (2014: 98.4p) despite maintaining substantial distribution, partly as a result of favourable currency movements and narrowing of the pension deficit
