Just in case anyone thought falling rates might equate to falling profits, OAMPS Group announced this morning that it expects a rise of nearly 15% in its full-year after-tax profit.

CEO Tony Robinson – who will announce the results at the end of this month – says the year has been a successful one with significant achievements made in a difficult environment. “Our progress at the operational level has been particularly pleasing, with improvements to OAMPS’ capabilities and processes.”

He says the insurance industry has been very competitive over the past 12 months, with constant pressure on rates. “Notwithstanding the market conditions, OAMPS’ financial performance has continued to improve across all divisions.”

And the group is expecting another good year in 2006/07, despite the expectation that pressure on rates will remain. “The sharpest rate declines are over,” he said.

Mr Robinson says that over the next year OAMPS will recommence its acquisitions program.