UK-BASED insurer Amlin has reported gross written premiums of £950.1m for the first half of 2009, up from £715.5m in the same period last year.
Highlights :
- Annualised first half return on equity of 27.4% (H1 2008: 20.6%), above our long term target of 15%
- Profit before tax up 29.0% to £177.1 million (H1 2008: £137.3 million)
- Record profit after tax of £167.0 million, up 54.5% (H1 2008: £108.1 million)
- Underlying profit before tax, excluding foreign exchange impact of net non-monetary liabilities and gain on Amlin Bermuda sterling assets, up 52.8% to £210.8 million (H1 2008: £138.0 million)
- Combined ratio 73% (H1 2008: 67%) with an underwriting contribution of £135.3 million (H1 2008: £148.7 million)
- Improved investment return of 1.6% (H1 2008: 0.7%) generating an increased investment contribution of £53.1 million (H1 2008: £22.5 million)
- Earnings per share increased 54.4% to 35.2p (H1 2008: 22.8p)
- Interim dividend increased 8.3% to 6.5p per share (H1 2008: 6.0p per share)
- Acquisition of Fortis Corporate Insurance N.V. (now Amlin Corporate Insurance N.V.) completed on 22 July 2009: integration proceeding well
- Pricing environment continuing to improve in line with expectations
Charles Philipps, Chief Executive, commented as follows: “We have had an excellent first half both in terms of results and the development of the Group with the acquisition of ACI. We have already benefited from improvements in catastrophe exposed lines and Amlin is exceptionally well positioned to grow into better market conditions when similar positive trends emerge in the other classes in Amlin’s portfolio.”
