The half year Profit After Tax of $49.1M was satisfactory despite the extrardinary and unexpected claims experience from our general insurance operations. We do not expect this level of claims to continue in the second half of the year.

The ANSA Secured Fund continues to be  a market leader and its growth has surpassed our expectations. This initial experience has given us a firm base upon which to launch further innovative mutual funds and we are well advanced in development with our global partners.

Particularly pleasing is the 17% growth in our investment portfolio for the half year. We have achieved this by strengthening the relationship with our North American and European advisors and maximizing regional opportunities, without compromising our risk profile.

Earnings Per Share of 58 cents for the six months to June 06 is comparable to 62 cents restated for the same period in 2005.

Our results for the first half of 2005 were restated in accordance with International Accounting Standards employed as at 31st December, 2005.

Your directors are confident that the second year of the year will produce good results and are pleased to maintain an interim dividend of 10c ents (2005- 10cts,) which will be paid on October 27, 2006 to shareholders on the Register on October 16, 2006, both days inclusive. In accordance with Section 110 of the Companies Act 1995, the Directors have fixed October 16, 2006 as the record date for the payment of the interim dividend. 

ANTHONY N. SABGA, CMT, HON LLB(UWI) 
Chairman, ANSA Merchant Bank                                                                                   Click here for *.pdf version