Alea Group Holdings (Bermuda) Ltd

London (OTS) -

Alea Group Holdings (Bermuda) Ltd
Preliminary Results for the year ended 31 December 2003
Record Operating Earnings, Strong Growth Momentum

-Operating profit based on longer-term investment return up by 274%
to $80.8 million (2002: $21.6 million); reflects single-minded
underwriting focus on profitability hurdle rates

-Gross premiums written up by 39.6% to $1,300.2 million (2002: $931.6
million); more growth anticipated from targeted casualty,
alternative risk and excess & surplus lines

-Group combined ratio of 94.9% (2002: 100.7%) exceeds expectations(2)

-Net IPO proceeds of $263.7 million ensure Group is well positioned
to capture growth opportunity in chosen markets

-January renewals affirm exciting business prospects with
underwriting discipline in targeted classes of business expected to
prolong benign rate environment

-Continued positive outlook for 2004 across all business lines

John Reeve, Chairman, commented:
"I am delighted to report a strong set of maiden results for Alea as
a listed Company. Our targeted growth segments in the United States
and Europe produced excellent results in 2003 and have continued to
remain strong during the important January renewal period."

Dennis Purkiss, Chief Executive Officer, commented:
"We are very well placed to seize the opportunity we expect to be
sustained in casualty reinsurance and in our specialty insurance
businesses that are continuing to grow strongly. We have built a
solid base over the past few years and the early indications for 2004
are positive."

"The excellent position we find ourselves in is no accident. We spent
considerable time and effort developing the depth of capabilities we
believe are so essential to delivering long-term value and we're
pleased that many investors have shared that view during the
successful IPO."

Highlights

2003 2002

Gross premiums written $1,300.2m $931.6m
Net earned premiums $858.5m $518.1m
Underwriting profit (1) $85.5m $28.2m
Claims ratio (2) 61.6% 62.1%
Expense ratio (2) 33.3% 38.6%
Combined ratio (2) 94.9% 100.7%
Total assets $3,477.1m $2,713.5m
Net asset value per share (2) $4.15 $4.34
Operating profit $80.8m $21.6m
Profit attributable to shareholders (3) $48.5m $54.6m
Operating earnings per share (4) $0.54 $0.24
Earnings per share (3),(4) $0.42 $0.51

1 Underwriting profit includes allocated investment return and
excludes claims equalisation reserves (see technical account)

2 Amounts and ratios have been defined in the Finance Director's
Report

3 Profit attributable to shareholders and earnings per share are
impacted in 2003 by $ 17.0 million loss (2002: $33.9 million profit)
in respect of total realised and unrealised gains on investments.

4 Operating earnings per share and earnings per share are
both diluted and are defined in Note 3 to the preliminary statement.

A recording of a briefing held for the investment community on 15
March 2004 to announce the results for the year ended 31 December
2003 and an indexed version of a presentation given by Dennis Purkiss
and Amanda Atkins will be available at www.aleagroup.com from midday
GMT.

CAUTIONARY STATEMENTS

Certain information in this report is or may constitute
forward-looking statements. Because such statements are inherently
subject to risks and uncertainties, actual results may differ
significantly from those expressed or implied by such forward-looking
statements. We caution you not to place undue reliance on such
forward-looking statements. We do not undertake any obligation
(except reporting obligations imposed on us in relation to our listed
shares traded on the London Stock Exchange) to update such
forward-looking statements to reflect events or circumstances
occurring after the date hereof.

NOTES FOR EDITORS

Alea is a global reinsurance and specialty insurance company focused
on underwriting for profit and return on equity. It has expertise in
a wide range of property and casualty reinsurance, insurance,
alternative risk and finite risk products and maintains a significant
presence in major insurance and reinsurance markets worldwide.

Alea was admitted to the Official List of the UK Listing Authority on
19 November 2003 when unconditional dealings in the shares began on
the London Stock Exchange. On 10 March 2004, FTSE Group announced
Alea is eligible to become a constituent of the FTSE 250 Index
effective 22 March 2004.

The Group used the proceeds raised from its Global Offer to support
the continued development of its business units. The majority of
funds are allocated to the US subsidiary to support the Group's
expanding alternative risk and casualty treaty operations and the
remainder allocated to London and Europe where continued growth is
expected in the insurance and small to medium regional reinsurance
categories, respectively.

Alea is headquartered in Hamilton, Bermuda and has operations in the
United Kingdom, the United States, Bermuda, Switzerland, Sweden,
Australia and Jersey. At 30 September 2003, it had 375 employees.

Alea has its origins in an investment thesis developed in 1997 by KKR
1996 Fund (Overseas) Limited Partnership, its major shareholder: to
create a new global reinsurer focused on generating sustainable
profitability and growth over the
longer term.

The core of this thesis was that underwriting discipline, strong
controls; broad capabilities in reinsurance and select insurance
markets, a focus on less volatile lines of business and long-term
relationships with small to medium-sized clients would result in
sustainable profitability in any market environment.

Since new management joined in 1999, Alea has acquired or built the
talent, local infrastructure, licenses and client elationships to be
able to react quickly to attractive return opportunities in the major
markets worldwide. It has leveraged this platform to develop a
sizeable book of business diversified by class and geography.

CHAIRMAN'S STATEMENT

I am pleased to present my first Chairman's Statement in a year that
has seen Alea Group Holdings (Bermuda) Ltd (Alea) take further
significant steps in its overall development. From inception, the
Group was established as a global reinsurer and insurer
differentiated not by size but by a focus on the bottom line, the
fundamentals of underwriting for profit and the necessary control
infrastructure to deliver superior results over the longer term.

In 2003, the Group evidenced the benefits of such focus by delivering
significant operating profit and, more importantly, by completing a
successful Initial Public Offering (IPO) on the London Stock Exchange
(LSE).

The efforts over recent years to establish and build Alea are now
beginning to be rewarded. The Group's philosophy is based on the
analysis and understanding of the reinsurance/insurance cycle over
differing classes of business and geographies. From the outset, the
Group was designed to build reinsurance and insurance capabilities in
each of the principal international marketplaces,
resulting in the ability to allocate capital and resources to those
markets best able to offer suitable returns.

Driven by such considerations, at the end of the reporting year the
Group was heavily focused on casualty reinsurance lines of business,
where we believe that there is still opportunity for further rate
improvement; on alternative risk and on excess and surplus lines
business, where both rates and terms and conditions remain firm; and
on Continental Europe, where the opportunity, arising from recent
market turmoil, has been taken to improve the Group's competitive
positioning. Conversely, the Group sought to withdraw from the marine
marketplace where, despite a profitable book of business, signs of a
softening in both rates and terms led to expectations that return on
capital criteria could no longer be met.

Overall, the Group believes that it is well positioned in markets
where rates and terms, currently and prospectively, are at their
strongest.

RESULTS

Profit attributable to shareholders was $48.5 million for 2003
compared to $54.6 million in 2002. There was a significant
improvement in underwriting performance. Underwriting profits before
the allocation of the longer term investment return and movement in
claims equalisation provision was $27.7 million compared to a loss of
$18.8 million in 2002 (see the Finance Director's Report). The
underlying improvement in underwriting performance was masked by
short term fluctuations in investments year-on-year (negative $ 22.4
million in 2003, positive $33.3 million in 2002). In addition in 2002
the Group had the benefit of a tax credit of $2.0 million compared to
$13.5 million expense in 2003.

As recommended for companies listed on the LSE by the ABI SORP
operating profit includes the allocation of the longer term
investment return based on a return rate which the Group has selected
of 4.5%. Operating profit excludes the movements in claims
equalisation reserve and a $7.5 million profit on the purchase of the
subordinated preferred shares. Operating profits showed strong growth
increasing by 274% to $80.8 million and translates into a return on
equity of 12.0% (2002 5.8%), in line with the objective to deliver
double digit returns over the insurance cycle. Gross premiums written
for the period increased 39.6% to $1,300.2 million, from $931.6
million in 2003. The Group combined ratio improved to 94.9% compared
with 100.7% in the previous year.

DIVIDEND

As indicated at the time of the Group's IPO, the Group will not
declare a dividend in respect of 2003 since to do so would,
effectively, constitute a return of recently raised capital. The
Group intends to commence paying dividends in 2004. It is intended
that the Group will pay a dividend in the region of $0.10 per share
for the year ended 31 December 2004. The dividend will
be split between one third interim and two thirds final. The interim
dividend will be declared with the Group's interim results for the
period ended 30 June 2004 on 20 September 2004, payable on 19
November 2004 to those shareholders on the register on 22 October
2004.

REVIEW OF MARKET CONDITIONS

Market conditions for reinsurance remained favourable throughout
2003. The requirement for many market participants to address prior
year issues and resultant weakened balance sheets together with
continuing low interest rates and correspondingly low investment
income combined to support a firm rate environment in most market
segments.

In Europe, there was some turmoil associated with certain long
established companies ceasing to write business and others
experiencing significant deterioration in relation to "old year"
reserves. There was a similar story in the United States with
numerous companies being downgraded by the rating agencies and
ceasing to underwrite or withdrawing from certain lines of
business.

The result of such market conditions was that casualty rates rose
strongly throughout the year in conjunction with a general tightening
of terms and conditions. Additional capacity created in Bermuda
brought the beginnings of some rate pressure in the property areas,
particularly the catastrophe markets, but rates remained well above
the level required to meet the Group's hurdle rates of return.
Primary insurance rates also remained firm with both alternative risk
and excess and surplus lines insurance markets maintaining rate
improvements.

Alea's balance of reinsurance and insurance capabilities, lack of
distracting "old year" legacy issues, maintenance of its overall
rating from the rating agencies in the face of widespread downgrades
and strong presence in selected markets resulted in the Group being
well placed to grow substantially in an improving pricing
environment.

IPO

Alea's IPO was completed by a listing on the LSE on 19 November 2003,
raising a total of $263.7 million after expenses and after the
over-allocation option was exercised. This issue attracted
significant interest, being the fourth largest IPO on the LSE during
2003.

The funds from the IPO are being used to support the continued growth
of the business by enhancing the capitalisation of the reinsurance
and insurance subsidiaries in the United Kingdom, United States,
Bermuda and Continental Europe.

This capital raising leaves Alea well positioned to capture the
significant expansion opportunity that exists through leveraging the
infrastructure and capabilities established over the past three
years. The Group possesses both a strong book of renewal business and
excellent new business prospects that are capable of generating
attractive returns on equity.

BOARD AND SHAREHOLDERS

I am pleased to welcome Glenn Hilliard and Amanda Atkins to the Board
as an independent non-executive director and an executive director
respectively. Glenn brings with him a wealth of experience in the
industry and Amanda has served as Group Chief Financial Officer since
2000. Their expertise will make a major contribution to the
deliberations of the Board, which is strengthened as a result.

I am also delighted to welcome the new investors who have embraced
the Alea story. Directors, management and staff look forward to
working on behalf of all shareholders to deliver significant growth
in value.

PROSPECTS

Conditions have remained strong in all Alea's operating segments over
the important January 2004 renewal period. The Group's targeted
growth areas of Europe, alternative risk, excess and surplus lines
and United States casualty reinsurance, all experienced strong
trading conditions and each represents a
real opportunity for continued growth.

Finally, I wish to thank my fellow directors, management and staff
for the great effort that they have made to achieve the excellent
results currently reported. Combined with the invaluable support of
brokers, clients and shareholders, this has enabled the Group to
achieve notable successes during 2003. The first significant
underwriting profit contribution and the IPO are defining moments in
the Group's history and I am confident that Alea is exceptionally
well placed to continue to build value in the year ahead.

John Reeve
Chairman

CHIEF EXECUTIVE OFFICER'S REPORT

2003 was an important year for the Group. Over the last four years we
have set about building a global insurance and reinsurance operation
focused on the delivery of long term value.

During those four years we have marked several milestones in the
Group's development. Alea has set up licensed insurance and
reinsurance operations in the United States, United Kingdom and
Continental Europe; we've built a system and control nfrastructure
that we believe is unique amongst our peers; and we've established
strong market positions in all our core operations.

More importantly we've established a mindset that focuses entirely on
the bottom line. The global insurance and reinsurance markets are not
one homogeneous whole. Each line of business responds to different
factors - economic, regulatory or social - and therefore the speed
and degree of change vary by class of business. Our fundamental
approach has been to build our expertise, our licence base and our
infrastructure in such a way that we can proactively manage this
overall portfolio of potential risks. Above all else we are
underwriters - the ability to not only select the right risks and
price them correctly but also to recognise and react to underlying
trends quickly enough is all important.

As a consequence our current focus is heavily on the Alternative Risk
and Excess and Surplus Lines (E&S) businesses in the United States
and the casualty reinsurance businesses in the United States and
Europe. In casualty reinsurance we believe there is more improvement
to come - rates are still rising (albeit not as steeply as last year
and varying by line of business), terms are good and there is a
longevity to the cycle that we believe will certainly outlast the
more capacity driven property lines of business. On the insurance
side the excess and surplus lines rates are firm and demand is high.
The alternative risk arena is still improving and with the longer
earnings profile of risks written in both these areas we will see the
benefits of this business in our Profit and Loss Account for at least
the next two to three years. Finally, in Europe we have deliberately
set about capitalising on a series of market dislocations. As others
have experienced difficulty we have grown the business substantially
over the last two years, all the time whilst rates were improving, to
establish ourselves as a preferred provider to our target customer
base of small to medium-sized regional insurers.

On 19 November 2003 we completed our listing on the LSE. The IPO was
very well received generating $263.7 million after expenses. This
additional capital is being put to immediate use and deployed to
support the targeted growth in the areas I mention above.

2003 Performance

In 2003 we met all our financial goals and achieved an operating
return on equity of 12.0% (defined in note 7). Details of segmental
performance and overall financial performance are set out in the
Operating Review and the Finance Director's review respectively.

Operational Targets

The IPO was a major achievement in itself but the Group as a whole
and each of the main operating units continued to enhance skills and
capabilities during the year.

For example, in North America we have enhanced our ability to service
our clients by continuing our licensing of Alea North America
Specialty Insurance Company (ANASIC). We now have admitted and
non-admitted paper in 49 and 23 states respectively. This initiative
further improves the flexibility of the Group in being able to write
business in selected lines in a number of ways - insurance or
reinsurance, using admitted or non-admitted paper.

We also continue to devote considerable time and expense to the
development of our IT systems and 2003 saw enhancements in our core
underwriting, financial control and reporting systems. We view this
investment as essential. Our systems provide the control and
reporting capabilities you would expect and a great deal
more. They are an intrinsic part of our process and critical to the
management of our overall portfolio.

During 2003 both AM Best and Standard and Poor's (S&P) affirmed the
Group's ratings at A- with a stable outlook in each case. Both cited
the strong operating controls, good business position and improving
performance in their rationales. In each of these areas we have seen
further improvement since their review.

Each operating unit has continued to expand and develop its market
position, operating capabilities and long term value. In London,
Chief Executive Officer Stephen Cane and his team saw gross premium
written rise by 50.4% from $376.4m to $566.0m as we reinforced our
position in this market. Alea London is a key part of the Group's
focus on United States Excess and Surplus Lines insurance and also
underwrites the Group's property catastrophe book of business. Rates
continued to improve in the E&S market in 2003 and although we saw
the beginnings of supply side competition in the very best priced
catastrophe business we believe rates remain well above our minimum
hurdles at this time.

In North America the Group operates two segments: Alea North America
focuses on treaty business and Alea Alternative Risk, as the name
would suggest, on alternative risk business.

Alea North America's primary focus is the provision of casualty and
property treaty reinsurance to smaller, specialist clients. It is
heavily biased towards casualty at this time as rates continue to
improve and gross premiums written grew by 9.9% from $257.4 million
to $282.9 million in 2003. Chief Executive Officer Mike Hayes and his
team have a wealth of experience in this market and have made great
progress in targeting the smaller, specialist insurers we prefer.

Alea Alternative Risk is the Group's centre of expertise for
alternative risk transfer and United States insurance program
business. Chief Executive Officer Rob Byler and his team are
continuing to see rate improvements in these areas
and we will be looking to continue our expansion in this area. This
business typically has high retention ratios and the ability to
control the assumed risk makes this a very attractive area for us.
Gross premiums written grew by 84.7% from $141.4m to $261.1m.

In Continental Europe, the Group has achieved considerable success in
the light of major market dislocation over the last few years. Gross
premiums written grew by 21.5% from $156.4m to $190.1m. I'd like to
congratulate Chief Executive Officer Gilles Meyer and his team on
their achievements over the last couple of years. After the changes
made in 2000 and 2001 to realign the inherited book
they have made excellent progress. Concentrating on small to medium
sized clients and with an emphasis on the German, French, Spanish and
Austrian markets the Alea Europe team has sought opportunities to
provide a high level of service to customers. In doing, so they have
established strong customer relationships and grown the book markedly
in a period of strong rate improvement. Our story in Europe is an
excellent example of the Group's ability to seek out and target
opportunity in the marketplace.

Looking Forward

In looking forward to 2004 I believe that we are extremely well
placed. Whilst there is plenty of capacity available to buyers
underwriting discipline is, to a great extent, holding firm and in
all our targeted growth areas we expect continuing strong trading
conditions. We have built a solid base over the past few years and
the early indications are positive for 2004.

The excellent position we find ourselves in is no accident. We spent
considerable time and efforts developing the depth of capabilities we
believe are so essential to delivering long-term value and we're
pleased that many investors shared that view during the successful
IPO.

I'd like to reiterate our Chairman's thanks to all our staff for
their hard work, particularly in achieving the IPO in such a short
space of time and, of course, to our shareholders, both existing and
new, for the faith they have shown in our story.

We are excited about the Group's market position, pleased with a
strong financial result in 2003 and looking forward to continuing the
Alea story and rewarding that faith in 2004 and beyond.

Dennis Purkiss
Chief Executive Officer

OPERATING REVIEW

Overview

Our strategy is to create strong market positions focused on lines of
business in which we have extensive experience and are appropriately
rated to generate significant profitability. We deliberately remain
focused on casualty, alternative risk and United States insurance
lines where trading conditions have remained strong for all of the
Group's business units. By targeting these sectors, we have a
lower-risk business capable of producing a steadier stream of profits
which we can use to support our longer term growth and generate
significant shareholder value.

The success of our strategy is reflected in an excellent operating
profit before tax of $80.8 million (2002: $21.6 million). As
recommended by the ABI SORP for companies listed on the LSE,
operating profit includes the allocation of investment based on the
long term rate which Alea has selected as 4.5%.
Worldwide gross premiums written increased by 39.6% to $1,300.2
million from $931.6 million in 2002.

One of our key performance measures is the Group's core combined
operating ratio (COR), which broadly expresses the total of claims
costs, commission and expenses excluding other technical charge
expense on prior period reinsurance contracts as a percentage of net
premiums earned. We produced a better-than-expected COR of 93.1% (see
the Finance Director's Report) as a result of our disciplined
underwriting and efficient claims handling. Other technical charges
added 1.8 points to give a total combined ratio of 94.9% compared to
100.7% in 2003. This excellent result gives us confidence that we are
capable of sustaining our target COR over the underwriting cycle.

During the 2004 renewal season we have seen confirmation that our
strategy of anticipating changes in market conditions has borne
fruit. Over the last four years we have built our infrastructure to
enable us to develop further in business areas where we see the most
promise both currently and in the medium term. We increased our
casualty reinsurance skill set in both Continental Europe
and North America and our insurance skills in North America with a
continuing programme of recruitment. We also increased our overall
North American licensed capabilities in 2003.

Alea North America Insurance Company (ANAIC) is now a licensed
insurer in 49 states plus the District of Columbia. Alea London has
now nearly completed its E&S infrastructure being authorised in 47
jurisdictions with Alaska and Florida being the latest two additions.
Development of the licensing infrastructure in Alea North America
Specialty Insurance Company (ANASIC) is also progressing rapidly with
that company now being a licensed or accredited reinsurer in 44
states with surplus lines insurance authorizations in a further 23
states.

Whilst we have seen some deterioration in capacity driven property
rates to date in 2004 these are not major markets for Alea. We will
not chase premium volume at the expense of profit. Our strategic
focus on specialty insurance and low volatility casualty risks
focused on smaller companies leaves us well positioned to take
advantage of current market conditions. Our clear strategy, combined
with scale and presence in our chosen markets, positions us to
continue to produce excellent returns for our shareholders.

ALEA LONDON

The Alea London segment is the Group's access point to the London
global insurance marketplace. Alea London operates through Alea
London Limited, a United Kingdom licensed insurance and reinsurance
company with excess and surplus lines authorities in the United
States and a branch office underwriting in Australia. Alea London
transacts an international book of business sourced through the
London broker market. The London market is one of the world's leading
insurance and reinsurance marketplaces with in excess of $30 billion
in capacity in 2002. Alea London's business includes a broad range of
products, including specialty and non-traditional insurance,
reinsurance and excess and surplus lines.

Alea London is an established market participant with a solid book of
existing business, fully operational infrastructure and excellent
market reputation. Its largest business is United States E&S
insurance, comprising over 33% (2002: 37%) of its gross premium
written. The Alea London segment also writes casualty treaty
reinsurance business in the United States and international markets
and is the Group's global centre of expertise in property catastrophe
reinsurance. With its strong underwriting platform and a leading
market position, Alea London will write other lines of business on an
opportunistic basis when pricing is attractive, when specific
expertise is available and when the Group's underwriting criteria,
such as terms and conditions, are fulfilled.

The overall strategy of Alea London is to continue growth in existing
lines of business by:

-expanding the volume of business written through intermediaries
in the excess and surplus lines;

-continuing to write property treaty business within established
aggregate exposures;

-utilising the Group's existing expertise in affinity groups and
alternative risk structures to create new products; and

-Leveraging the Group's expertise in the management of
underwriting agents and the licences it has in the United Kingdom to
expand its United Kingdom insurance portfolio.

An overall summary of the underwriting performance of Alea London is
as follows:

Year Ended Year Ended Year Ended Year Ended
31 Dec 31 Dec 31 Dec 31 Dec
2003 2002 2003 2002
Including Bristol West Excluding Bristol West

Premiums
($million)
Gross
premiums
written 566.0 376.4 407.5 311.4
Net
premiums
written 487.8 300.2 329.3 235.2
Retention
ratio 86.2% 79.7% 80.8% 75.5%

Net
premiums
earned 407.7 220.9 281.3 178.9

Key
ratios (%)
Claims ratio 55.2 49.4 44.0 42.1
Acquisition
costs ratio 22.7 22.5 25.3 23.8
----- ----- ----- -----
Composite
ratio 77.9 71.9 69.3 65.9
----- ----- ----- -----

Gross premiums written in the year ended 31 December 2003 increased
50.4% to $566.0 million compared to $376.4 million for the year ended
31 December 2002. The growth in 2003 reflected the focus on excess
and surplus lines business and the growth of premium arising from the
Bristol West contract.

Excluding Bristol West the growth rate was 30.9% to $ 407.5 million
from $311.4 million. Figures are presented excluding Bristol West
because this is a three year contract which we do not anticipate will
be renewed in 2005.

Net premiums written to 31 December 2003 increased 62.5% to $487.8
million compared to $300.2 million to 31 December 2002 including
Bristol West and increased 40.0% to $329.3 million from $235.2
million excluding Bristol West.

The retention ratio increased from 79.7% to 86.2% as the proportion
of property catastrophe business reduced. Bristol West and another
large contract written by Alea London, both with limited risk
transfer characteristics are not covered by the Max Re aggregate
cover, which therefore inflated the overall Alea London growth rates
in net premium written and earned, compared to the rest of the Group.
The Max Re aggregate cover is defined in the Finance Director's
review

Net premiums earned for the year ended 31 December 2003 increased
84.6% to $407.7 million compared to $220.9 million for the year ended
31 December 2002. The high growth rate achieved in 2003 reflected the
factors outlined above.

The claims incurred, net of reinsurance, ratio for the year ended 31
December 2003 increased to 55.2% compared to 49.4% for the year ended
31 December 2002. There were no catastrophe losses in either year.
Prior year reserve development increased Alea London's claims
incurred, net of reinsurance ratio by 0.6 points and the Group claims
incurred, net of reinsurance ratio by 0.3 points.

Thus the increase in loss ratio for the year ended 31 December 2003
compared to the year ended 31 December 2002 is primarily a function
of business mix, in particular the growth of premiums under the
Bristol West contract which has relatively high loss ratios but
relatively low volatility and thus earns a reduced return at lower
risk than some of the other classes of business. The Directors
believe that this contract has a significant benefit of contributing
relatively low but stable earnings under a wide range of scenarios,
adding $3.8 million and $1.3 million to the 31 December 2003 and 31
December 2002 underwriting result respectively. In addition, Alea
London earned investment income on $68.2 million cumulative positive
cash flows under this contract.

The acquisition costs ratio was 22.7% in 2003 compared to 22.5% in
2002. Both of these ratios are distorted by Bristol West. The
underlying ratios excluding the Bristol West contact were 44.0% loss
ratio (2002 42.1%) and 25.3% acquisition costs ratio (2002 23.8%).

Part 2 follows

Rückfragehinweis:
Alea +44 20 7621 3333
Dennis Purkiss,
Chief Executive +41 41 767 0401
Amanda Atkins,
Finance Director

Financial Dynamics
Robert Bailhache +44 20 7269 7200
Charles Armitstead +44 20 7269 7182

OTS-ORIGINALTEXT UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS | EUN

print