Final Results

Gable Holdings Inc

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

Final Results for the year ended 31 December 2011

Gable (AIM: GAH), the European non-life insurance company, announces excellent consolidated final results for the year ended 31 December 2011.

Financial Highlights

Business Highlights

§ Premium written in 2011 comprised of 54% UK (2010: 56%) and 46% (2010: 44%) in other European markets.

§ Growth achieved across all products during 2011:

o Commercial Combined product successfully launched in the UK

o Strong growth in demand for the After the Event ('ATE') product

§ Continued diversification of the product base both in geographical representation and risk profile particularly with the shorter tail property portfolio and ATE products.

William Dewsall, Chief Executive, Gable Holdings Inc., said: "The Group has delivered another consecutive year of growth producing record levels of written premium and profits despite the backdrop of very unstable economic conditions in Europe. The business has produced its strongest results to date, propelled by organic growth, particularly in the UK and France and from the new products introduced during the year which were very well received by existing and new clients.

"We have seen strong organic growth in the year to date. In line with our strategy we will continue to invest the profits back into the business and continue to review opportunities to introduce new products and drive organic growth in our existing markets in Europe whilst we also continue to expand the number of European countries where we write business. 

"The Gable brand continues to go from strength to strength and our excellent staff and operational management team are entirely focused on delivering a high quality service and product range to our growing number of clients. Gable has a strong platform of business with good forward visibility of revenues and new opportunities which give us every confidence that we will achieve further successes in the remainder of the current year and sustained and profitable growth in the future."

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 benefits from a low-cost online underwriting platform and the Company has continued to successfully grow its business geographically whilst simultaneously exploiting a range of niche insurance segments which exist across the EU, which is delivered through the EU passporting mechanism.

Gable Holdings Inc is quoted on the London Stock Exchange's AIM market. For further information please visit www.gableholdings.com.

Chairman's Statement

The results for 2011 are testament to the Group's strategy to focus on growth as a European insurance company. We have continued to build upon the strengths of our existing products in terms of premium written and introduced new products which have been achieved very successfully without compromising on the levels of profitability that we expect to achieve from each product. Equally, risk continues to be managed on a conservative basis.

Once again during the year the management team has identified opportunities for new products and new markets, taking advantage of our European-wide licensing where the Group already has licences in place in Belgium, Denmark, Germany, Ireland, Italy, Netherlands and Switzerland. Gable currently writes business in the UK, France, Norway and Spain.

The Board is very optimistic about the prospects for the Group in the current and future financial years.

Lance Ranger

Chairman

31 May 2012

Chief Executive's Review

Gable has produced another consecutive year of growth, with record written premiums and profit. I am delighted with the year's performance which is testament to our robust growth strategy for the business as we continue to build upon its reputation and levels of service in each country of operation. We have achieved excellent levels of growth in the UK and France, and all levels of the business have performed strongly and continue to do so into the current year. 

The year that was 2011 saw the insurance market undergo levels of claims that would put any financial market under enormous financial strain. It is to the credit of my peers in the insurance industry that insurers are sufficiently robust to take on the 'financial stress test' of a series of catastrophes around the world and the consequent losses incurred as a result. With this in mind it is important at this stage to remind shareholders that Gable does not and will not write 'catastrophe' risk in areas where exposure lies. 

It is equally apt at this point to revisit the key points of the strategy for the business that was originally laid down by your Board when Gable first started to write business in 2006, soon after the Company's Admission to AIM in late 2005. 

As a Board, we regularly test that the strategic direction of the business continues to allow my management team to deliver on our objectives. Ultimately, does it result in delivering profitable growth? 

Our sustained record of delivering profits and managing risk is amply demonstrated in the results for the business that we report on today, but I should also like to emphasise that we do not rest on our laurels, although it is hugely gratifying that Gable has certainly exceeded the expectations set down six years ago. Thanks to our dedicated and highly professional staff and operational management team, I believe we have stood the test of our original goals for the business and they stand us in good stead as we continue to grow the business.

Five years ago we set out to achieve the following:

§ Establish the UK's lowest cost platform in the market

§ Provide service and products of quality which meet clients' requirements

§ Write premiums for profit (strange but true)

§ Build the Gable brand in selected European markets

§ Conservatively manage risk

We have achieved all of these objectives in an extremely uncertain market and established a very credible European insurance company which, if asked if we, could achieve the same today, I would say that it would be very difficult to do so and achieve the same level of consistent growth that we have achieved in such a relatively short time span. The business is robust, the brand goes from strength to strength and the business is sufficiently capitalised to provide for the level of sustained growth that we know can be achieved over the coming years. Our job therefore is about maintaining a successful strategy for growth as we continue to introduce new products on a country by country basis.

Group results for the year ended 31 December 2011

The reported result for the year shows profit before taxation of £3.68 million (2010: £2.71 million) and basic earnings per share of 3.01p (2010: 2.31p). At the end of the period, net assets were £17.2 million (2010: £13.9 million) and cash balances were £11.9 million (2010: £6.4 million).

Summary of Results

A summary of the results for the year ended 31 December 2011 are set out in the table below:

The premium written in 2011 comprised of 54% UK (2011: 56%) and 46% (2010: 44%) in other European markets. In premium terms, growth has been achieved in all products in 2011.

Business Review

The table below shows how our product base has diversified since we started writing business in 2006. We have diversified our business both in product range and geographic representation, but also in the risk profile of the products we offer, balancing liability products with short tail property portfolios and After the Event ('ATE') products.

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

One of the key strands of business growth during the past few years has been to offer products in to the commercial ATE market. One element of the ATE strategy has been to closely align the risk interests of an ATE insurer and an ATE funder. During the year Gable has developed a structure whereby it can offer a UK ATE insurance policy to provide ATE insurance for US patent infringement litigation cases. By doing this Gable can directly benefit from the success awards earned on these cases, in addition to the premium earned, whilst limiting the policy indemnity to the costs of pursuing such cases. As such, Gable has recognised profit in its 2011 results.

Auditors

Further to the announcement on 9 March 2012, Gable confirms that it will, in accordance with the Auditing Practices Board's Ethical Standards for Auditors, be working with a new audit partner from Littlejohn LLP for the audit of the 2012 financial statements. Gable is pleased to continue to work with Littlejohn LLP which has been invaluable in advising the Group on its business through this period of growth and development.

Current Trading and Outlook

We have seen strong organic growth in the year to date. We will continue to review opportunities to introduce new products and drive organic growth in our existing markets in Europe whilst we also continue to expand the number of European countries where we write business. In line with our strategy we will continue to invest the profits back into the business and therefore do not propose the payment of a dividend at this time given the potential opportunities available to the business where capital can be much more constructively employed to generate future profits.

The Gable brand continues to go from strength to strength and our excellent staff and operational management team are entirely focused on delivering a high quality service and product range to our growing number of clients. Gable has a strong platform of business with good forward visibility of revenues and new potential opportunities which give us every confidence that we will achieve further successes in the remainder of the current year and sustained and profitable growth in the future.

Finally I would like to thank our customers, shareholders and our brokers in all of the countries where we write business for their continued support over the past year and we look forward to working with them for many years to come.

To Gable's staff and management team, I must say that they have all worked with dedication and enthusiasm throughout the year and I know that they are all as excited about the future of Gable as I am, a very big thank you to them all for their diligence and support.

William Dewsall

Chief Executive

31 May 2012

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2011

All operations are continuing.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 31 DECEMBER 2011

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2011

Notes to the Consolidated Financial Statements

For the year ended 31 December 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. The Board has previously resolved that the Group would follow International Financial Reporting Standards ("IFRS") in its Group financial statements and apply the Companies Act 2006 when preparing its annual financial statements.

These financial statements have been prepared under the historical cost convention and in accordance with the requirements of IFRS. The financial statements being sent to shareholders contain explanations of the significant uncertainties which relate to the preparation of these financial statements. Notwithstanding this, the directors believe that appropriate assumptions have been made in the preparing the financial statements and that the basis of preparation is appropriate.

2. Earning and net asset value per share

The calculation of the basic and diluted earnings per share is based on the profit for the year of £3,406,000 (2010: £2,619,000) divided by the weighted average number of shares in issue during the year of 113,322,000 (2010: 113,309,704).

The net asset value per share is calculated by dividing the total equity of £17,215,000 (2010: £13,895,000) by the number of shares in issue at the end of the period, 113,322,000 (2010: 113,322,000).

The calculation of fully diluted earnings per share takes account of potentially dilutive share options.

3. Insurance assets and liabilities

4. Reconciliation of loss for the period before taxation to net cash flows from operating activities

5. General information

The financial information for the year ended 31 December 2011 does not constitute statutory accounts as defined in the Companies Act 2006. Copies of the Annual Report and Accounts will be posted to shareholders and be available to the public on the Company's website (www.gableholdings.com) or from the contact office of Gable in the UK, 6th Floor, 34 Lime Street, London EC3M 7AT.