Randall & Quilter Investment Holdings has returned to first-half pretax profit. Pretax profit was £1.2m, from a year-ago loss of £4.5m.
- Additional FX gains of almost £5m in 'Other Comprehensive Income'
- Positive movements in the Group's run-off portfolios with net reserve releases of £6.2m (H1 2015: £4.3m), aided by commutation activity
- Goodwill on bargain purchase of £2.7m arising from three completed legacy acquisitions, mainly out of the Bermuda based M&A operation
- Continued strong performance in the UK operations of the Insurance Services Division, particularly broker run-off, binding authority management and premium credit control services
- An excellent investment return of 2.1% on the Group's 'free' assets (H1 2015: 1.1%), due to duration related gains and favourable credit markets
- Successful expansion of Accredited's P&C licences with our first new program now being written with several others in the near term pipeline
- Proposed Distributions per share maintained at 3.4p payable on or around November 3 , 2016
- Book value per share excluding goodwill broadly flat at 98.1p (Dec 2015: 98.5p), after maintaining substantial distribution. This was a result of profitable trading and favourable currency movements, partially offset by a formulaic adjustment to the liability discount factor in the pension deficit due to falling long term gilt yields.