Insurer Hiscox has seen profits plunge as the industry faced a “historic year for natural catastrophes”.
Pre-tax profits crashed 91% to £30.8 million for the year ending in December, down from £354.5 million over the same period in 2016.
Chief executive Bronek Masojada said: “Our long-held strategy of balance has served us well this year.
“The strong growth and profits in retail countered the volatility felt in our big-ticket businesses which were impacted by an historic year for natural catastrophes.
“We have made significant investments in infrastructure and brand both of which will continue.
“Market pricing has improved and as a consequence we have growth ambitions for every part of our business.”
Shares in the group were down more than 4% in morning trading on the London Stock Exchange.