UPDATE 1-Novae like-for-like income softens as market softens

(Adds details, CEO comments, shares)

LONDON, May 16 (Reuters) - London-listed Lloyd's insurer Novae Group (NVA.L: Quote, Profile, Research) said on Friday like-for-like income is reducing as the market continues to soften, without adding financial details.

"The more competitive conditions that have been a feature of many areas of the market for some time have persisted into 2008 and continue to dominate the trading landscape," Chief Executive Matthew Fosh said in a statement.

"An intensification of competitive pressure has been seen for property reinsurance and energy in the wake of two years of benign loss experience."

Group gross written premium during the first quarter was 88.5 million pounds ($172.2 million), slightly down from the 89.1 million pounds written a year earlier. It had investment returns of 1.31 percent for the three-month period to March.

Novae, which did not provide financial details of its like-for-like income, had investment assets of 971.2 million pounds as at end-March, it said.

Novae added that its investment strategy remains unchanged: to preserve capital.

Its shares were unchanged at 36.75 pence, valuing the entire firm at 269 million pounds. (Reporting by Hsu Chuang Khoo; Editing by Quentin Bryar)