Combined ratio improved 5% to 95% ¹  Profit before tax improved by £73.0 million to £55.4 million ¹  Earnings per share improvement of 21.3p to 14.1p ¹  After tax return on equity of 20.1%   £123 million of new equity raised   Net assets per share up 19.6% to 81.1p   Net tangible assets per share up 8.3% to 65.4p    2002 gross premium written up 22% to £717.1 million  Owned capacity up 49% to £862 million for 2003  Syndicate 2001 capacity of £1.1 billion for 2003  100% ownership of capacity achieved   1.25p final dividend proposed   2.0p total dividend for year     ¹ Comparison with 2001 is after excluding from 2001 the effects of the 11 September 2001 losses as this reflects a truer comparison of our underlying trading performance. The impact of the 11 September 2001 loss to that year’s result was £63.9 million before tax. ² Income is expressed gross of brokerage, while capacity is net of brokerage.