Interim Results for the six months ended 30 June 2010
23 August 2010
Highlights
- Gross written premium up 56.4% to £1,486.2 million (H1 2009: £950.1 million)
- High industry catastrophe losses relative to benign claims environment of 2009
- Profit before tax of £107.6 million (H1 2009: £177.1 million)
- Annualised first half return on equity of 10.6% (H1 2009: 27.4%)
- Combined ratio of 88% (H1 2009: 73%) with an underwriting contribution of £100.1 million (H1 2009: £135.3 million)
- Integration of Amlin Corporate Insurance N.V. progressing in line with plan, with return on investment of 18.8% since acquisition
- Investment return of 1.7% (H1 2009: 1.6%) generating an investment contribution of £78.7 million (H1 2009: £53.1 million)
- Earnings per share of 17.1p (H1 2009: 35.2p)
- Interim dividend increased 10.8% to 7.2p per share (H1 2009: 6.5p per share)
- Net tangible assets per share increased 2.2% to 295.9 pence (YE 2009: 289.6 pence)
Charles Philipps, Chief Executive, commented as follows:
“These results, after significant first half catastrophe
losses, again demonstrate the robustness of our business model. We
are well positioned to take advantage of future growth
opportunities.”
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