Chartis UK delivered a strong performance in 2010. We wrote gross premiums (GPW) of £2.25bn, an increase of 3.7%.
Our combined ratio improved to 104.2%, compared with 105.8% in 2009. This reflected a lower loss ratio, partially offset by higher expenses as we invested in our systems, prepared for Solvency II and changed the accounting treatment of our pension liability.
Our capital position strengthened and we maintained excellent liquidity in our investment portfolio.