Interim Results for the six months ended 30 June 2011
22 August 2011
Business strong despite exceptional claims
Highlights
- Unprecedented first half catastrophe loss activity
- Total catastrophe claims of £314.3 million, adding 34% to claims ratio (H1 2010: £127.1 million and 15%)
- Loss before tax of £192.3 million (H1 2010: profit of £107.6 million)
- First half return on equity of (8.8)% (H1 2010: 5.3%)
- Gross written premium up 1.9% at £1,514.6 million (H1 2010: £1,486.2 million)
- Combined ratio of 121% (H1 2010: 88%), with an underwriting
loss of £194.3 million
(H1 2010: profit of £100.1 million) - Strong start for Amlin Re Europe, with gross written premium of £79.2 million generated in the period
- Reinsurance rates in US and international catastrophe accounts improving
- Investment return of 1.0% (H1 2010: 1.7%), generating an investment contribution of £45.3 million (H1 2010: £78.7 million)
- Earnings per share (30.7) pence (H1 2010: 17.1 pence)
- Interim dividend maintained at 7.2 pence per share (H1 2010: 7.2 pence per share)
- Net tangible assets per share decreased 18.6% to 255.1 pence
(YE 2010: 313.2 pence)
Charles Philipps, Chief Executive, commented as follows:
“Exceptional catastrophe losses in the first half of 2011
have taken a heavy toll on the reinsurance industry, and Amlin has
been no exception. While our results are disappointing, the core
underwriting businesses in London and Bermuda are well placed to
take advantage of an improving rating environment, particularly in
catastrophe lines. We remain focused on addressing areas of
underperformance and I am confident that Amlin can continue to
deliver excellent long term returns for our
shareholders.”
View the full Press Release in PDF format.
