Amlin continues to deliver strong underwriting returns
Highlights
- Annualised first half return on equity of 20.6% (H1 2007: 31.8%), above our long term target of 15%
- Profit before tax of £137.3 million (H1 2007: £185.0 million)
- Underwriting contribution remains strong at £148.7 million (H1 2007: £151.9 million), with record first half combined ratio of 67% (H1 2007: 71%)
- Lower first half investment return of 0.7% (H1 2007: 2.6%) including unrealised gains and losses. Contribution from investments down 65.5% to £22.5 million (H1 2007: £65.3 million)
- Interim dividend increased 20.0% to 6.0p per share (H1 2007: 5.0p per share)
- Increased investment in UK Commercial marketing and distribution
Charles Philipps, Chief Executive, commented as follows:
“Our underwriting returns have again been excellent. Even with the effects of the credit crisis on investment returns in the first half we have achieved a strong return on equity. Over the next two years we expect the diversity of our underwriting to be increasingly recognised as a key strength, as rate increases in areas such as UK commercial motor and property lines help compensate for the softening of rates in other parts of our business.”
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