(GAH) Gable Holdings

GABLE HOLDINGS INC

("Gable"  "the Company" or "the Group")

Unaudited Interim Results for the six months ended 30 June 2011

Gable Holdings (AIM: GAH.L), the European non-life insurance company, announces its unaudited interim results for the six months ended 30 June 2011.

Highlights

§ Gross written premium of £12.2 million(H1 10: £8.6 million) up 41%

§ Gross earned premium of £10.6 million (H1 10: £7.2 million) up 47%

§ Combined operating ratio of 58% as compared to 60% for H1 10

§ Operating profit before goodwill impairment of £2.6 million, up 54% on H1 10

§ Profit before tax of £2.0 million (H1 10: £1.3 million) up 52%

§ Earnings per share has increased from 1.10p to 1.59p, an increase of 45%

Comment and Outlook

William Dewsall, Chief Executive, Gable Holdings Inc, said:

"I am delighted by the first half performance of the Group.  We are in a very strong position, with our UK and European products set for continued growth and current trading remains very strong.  We look forward to another year of growth in the business making it the fifth year of profitable growth for shareholders.  We view the future with great confidence."

Enquiries:

About Gable Holdings Inc

Gable is a European non-life insurance company underwriting a comprehensive range of specialist policies for the commercial sectors in the UK, France, Norway and Spain. Gable has continued to successfully grow its business geographically whilst simultaneously exploiting a range of niche insurance segments which exist across the EU.

Gable Holdings Inc is quoted on the London Stock Exchange's AIM market (ticker: GAH.L GAH.LN). For further information please visit www.gableholdings.com.

Gable Holdings Inc

Chief Executive's Statement

The Board of Gable Holdings Inc is pleased to present its unaudited results for the six months ended 30 June 2011.

Results

The results for the six months ended 30 June 2011 show gross written premium of £12.2 million (H1 10: £8.6million), growth of 42%.  This continued excellent growth in written premium has been achieved across the whole product range. 

In addition to premium growth, a strong control of insurance costs has enabled us to deliver an improved combined operating ratio of 58%, as compared to 60% for the same period last year.  Operating profit, before goodwill impairment is up 53% at £2.6 million and the reported result for the period shows a profit of £1.80 million (H1 10: £1.25 million) and basic and diluted earnings per share of 1.59p (H1 10: 1.10p). At the end of the period net assets were £15.4 million (H1 10: £12.2 million) and cash balances were £7.7 million (H1 10: £5.1 million).

Business Review

Gable has achieved strong growth across the entire product range, in particular in the UK in its historic construction account and the Commercial ATE product, launched in 2009. In August we launched a new product: Commercial Combined product which sits within our range of liability and property products in the UK.

In France, the programme of property related risk insurance launched last year has established well, whilst we are starting to see a positive impact following the launch in August of the property and liability product for outdoor leisure properties in France.

The Norway tenant deposit scheme is now established and proving a success in that country, giving us a developed and proven new product which can be replicated in Europe.  We see great potential for this in Germany and Italy.

*a French insurance policy for building defects in a new build or renovated French property

Whilst the final timetable for Solvency II has not been finalised at the date of this announcement, we continue to devote appropriate resource to ensure that we are suitably prepared and that all developments being undertaken, such as potential new products and agents, are essentially Solvency II compliant.

Current Trading and Outlook

We have delivered solid growth year on year for the past five years. We are in a strong position to sustain this growth and to further build our profitable product range. We will continue to broaden our products and territories complementary to our established range of products in the UK and Europe.  The results for the first half year speak for themselves and demonstrate that our underwriting philosophies and protocols are working well. Current trading remains very strong.

In our sector, many of our peers have incurred losses as a result of the catastrophes in both the Pacific Rim and the Americas and it is worth noting that we do not write catastrophe risk in these areas.  Our focus remains in the UK and Europe, bringing new products to market and continuing to build on the successes achieved to date. 

William Dewsall

Chief Executive

15 September 2011

GABLE HOLDINGS INC

Consolidated Income Statement

For the six months ended 30 June 2011

All operations are continuing.

GABLE HOLDINGS INC

Consolidated Statement of Financial Position

At 30 June 2011

GABLE HOLDINGS INC

Consolidated Statement of Cash Flows

For the six months ended 30 June 2011

GABLE HOLDINGS INC

Notes to the Interim Consolidated Financial Statements

For the six months ended 30 June 2011

1.Basis of preparation

The Company was incorporated as a Corporation in the Cayman Islands which does not prescribe the adoption of any particular accounting framework.  These interim financial statements have been prepared under the historical cost convention and in accordance with the requirements of International Financial Reporting Standards("IFRS") endorsed by the European Union, in so far as they apply to interim statements.

The Group financial statements consolidate the financial statements of Gable Holdings Inc and subsidiary undertakings made up to 30 June 2011.

2. Accounting policies

There have been no changes to the Group's accounting policies as set out in the Group's financial statements for the year ended 31 December 2010 and, as such, those accounting policies have been applied to these interim statements.

3.  Segmental information

The Group's business is the provision of construction insurance products and it has, in the six months to 30 June 2011, derived its business from the United Kingdom, France, Spain and Norway.

4.  Earnings and net asset value per share

The calculation of earnings per share is based on the net profit of £1,803,000 (six months ended 30 June 2010: £1,247,000, full year ended 31 December 2010: £2,619,000) divided by the weighted average number of shares in issue during the period of 113,322,000 (six months ended 30 June 2010: 113,297,000, full year ended 31 December 2010: 113,309,704).

The net asset value per share is calculated by dividing the shareholders' funds of £15,435,000 (30 June 2010: £12,189,000, 31 December 2010: £13,895,000) by the number of shares in issue at the end of the period - 113,322,000 (30 June 2010: 113,322,000, 31 December 2010: 113,322,000).

5.  Insurance assets and liabilities

6. Reconciliation of movements in shareholders' funds

7. Reconciliation of profit for the period before taxation to net cash flows from operating activities

8. Reconciliation of net cash flows to movement in net funds

9. General information

The information for the period ended 30 June 2011 does not constitute statutory accounts as defined in the Companies Act 2006.  The figures for the period ended 31 December 2010 have been extracted from the 2010 Financial Statements prepared under IFRS.  The auditors' report on those accounts was unqualified and did not contain a statement under the provisions of the Companies Act 2006.