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Full Year Results for the year ended 31 December 2015

25 April, 2016

The Board of Randall & Quilter (AIM:RQIH), the specialist non‐life insurance investor, service provider and underwriting manager, announces the Group’s full year results for the 12 months ended 31 December 2015.

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.

Ken Randall, Chairman and Chief Executive Officer, commented: “I am pleased to report that the Group delivered a significantly stronger performance during the second half of the year with full year profits in line with Board expectations at the date of the interim results.

Completion of further legacy transactions during the period was the primary driver and the business overall performed in line with expectations.

Click here for the full Press Release

Full Year Results for the year ended 31 December 2015

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