Financial Highlights

Gross written premium increased by over 13% in the year reflecting continued growth in the Company’s insurance portfolio and also its ability to carry rate increases. Portfolio growth has been achieved by the development of both existing and new product lines and by effective use of technology for distribution purposes.

Total profit after tax reflects the performance of the Company’s investment portfolio. In particular the focus on investing only in bonds with AAA ratings has enabled the Company to avoid any significant issues relating to the credit crunch.

The outlook for 2008 is positive with further improvements in rates and underwriting performance expected. The directors expect continued growth in turnover and profitability through the development of both existing and new products, and from working effectively with intermediary distribution.