Atlantic Insurance lifts profits

Atlantic Insurance (ATL) recorded a satisfactory improvement in its 2004 results, lifting profits to CYP 1.18 mln from CYP 677.000 in 2003 on the back of an increase in premium income.

The company announced that total premium income increased to CYP 9.47 mln from CYP 7.99 mln in 2003, helping boost operating profits to CYP 1.054 mln from CYP 637.000 a year earlier.

Pretax profits surged to CYP 1.2 mln, helped in part by income from investments amounting to CYP 359.000 from CYP 251.000 a year earlier while losses from sale and revaluation of investments were reduced to CYP 55.000 from CYP 100.000 earlier.

Net after tax profits surged to CYP 1.18 mln for 2004 from CYP 677.000 in 2003, with earnings per share climbing to 3.02 cent from 1.73 cent a year ago.