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Annual Results

Amlin solid performance in competitive environment

02 March 2015 08:50

Amlin reports a solid financial performance for the year to the end of December in a more competitive trading environment and increased dividend returns to shareholders.

Profit before tax fell to £258.7 million (2013: £325.7 million) and the return on equity was 14.1% (2013: 19.8%); return on net tangible assets of 16.4% (2013: 23.2%).

The group reports a growth in net written premium of 8.1% to £2,278.9 million (2013: £2,107.4 million), supported by improved reinsurance purchase.

Other highlights:

- Average renewal rate decrease of 3.6% at January 2015, with catastrophe rates down by an average of 8.3%

- Combined ratio of 89% (2013: 86%)

- Reorganisation of business into three global Strategic Business Units improves global presence and client focus

- Investment return of £118.5 million, equivalent to 2.7% on average investments (2013: £160.4 million, 3.6%)

- Ordinary dividend declared increased by 3.8% to 27.0 pence per share (2013: 26.0 pence per share)

- Special dividend declared of £75 million or 15.0 pence per share

- Net tangible assets per share of 304.1 pence per share (2013: 288.7 pence per share)

Chief executive Charles Philipps said: "This is a solid result in a more competitive trading environment. We have delivered an attractive return on equity and our confidence in the business has allowed us to increase our ordinary dividend as well as declare a special dividend of £75 million whilst retaining a strong capital position.

"The strength of our franchise, underwriting expertise and ability to adapt are powerful advantages as the market evolves. Amlin is well positioned to take advantage of the opportunities created by the pace of change in our markets, and has an excellent track record of cross-cycle underwriting discipline. We continue to believe that we can deliver attractive returns on equity."

Amlin also announced that Sir Mark Wrightson is to step down from the board at the conclusion of the annual general meting on 21 May.

The board has also appointed Oliver Peterken to join the remuneration committee with effect from 27 February 2015.

Chairman Richard Davey said: "We would like to extend our warm thanks to Sir Mark for his considerable contribution to Amlin over the last few years and especially in steering Amlin's remuneration committee through two shareholder consultations during 2014. We have valued his insight and the experience he has shared with the goard." At 8:50am: (LON:AML) Amlin PLC share price was -20p at 509.5p

Story provided by StockMarketWire.com

Related Company: AML

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