Shares of Gable Holdings Inc. (GAH.L) declined around 13 percent in London trading after the European non-life insurance company reported a loss in its fiscal year 2014, compared to profit last year, despite higher net earned premiums.
Loss before tax for the year was 5.4 million pounds after additional reserve set aside, compared to last year's profit of 7.2 million pounds. Loss per share was 3.57 pence, compared to profit of 5.39 pence last year.
Underlying profit before taxation was 0.9 million pounds, and underlying earnings per share was 0.67 pence.
For the year, Gross Written Premiums were 36 percent higher at 80.0 million pounds from last year's 58.9 million pounds.
Net earned premiums climbed to 51.4 million pounds from 42.0 million pounds a year ago.
Regarding the current trading, the company reported strong performance in the first quarter 2015 trading.
Further, the company said its Board intends to review its dividend policy in the final quarter of 2015 with the intention to initiate a dividend in the 2016 year.
Looking ahead, the company said that it fully expects 2015 to result in a record year of growth with its pipeline of new business providing the next stage of momentum.
"The Group continues to see attractive new business opportunities which are well supported by quota share reinsurance arrangements with major reinsurers. We expect these partnerships to continue as our pipeline of new business opportunities grows and we are also exploring a number of strategic alternatives in order to seek to optimise returns on equity," the company said in its statement.
In London, Gable shares were losing 12.47 percent to trade at 31.51 pence.
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