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Trading statements

Amlin gross written premiums fall

21 May 2015 09:03

Amlin reports a good start to 2015 with limited loss activity and an excellent investment return of 1.7% for the first quarter.

Gross written premium for the three months ended 31 March was £1,260.2m (31 March 2014: £1,276.7m). At constant rates of exchange, gross written premium decreased by 1.4%. Income growth from strengthening of the US dollar was largely offset by weakening in the euro, reflecting the geographical diversity of Amlin's business.

Amlin said: "Whilst our reinsurance business benefited from the prominence of its US dollar revenue stream, income in both our Marine and Aviation and Property and Casualty businesses was impacted by weakness in the euro. "Average renewal rates were down 3.5% (31 March 2014: decrease 2.3%) and renewal retention rates remained healthy at 89.1% (31 March 2014: 88.2%)."

It adds: "Following the transition in our 2014 results for North American windstorm exposed business to a seasonally adjusted earnings profile, there was a reduction in earned premium in the first quarter of approximately £20 million, compared to the 2014 period. The profile change reduces earnings in the first and second quarter, and to a lesser extent in the fourth quarter, with the majority earned in the third quarter reflecting the risk profile of the business."

At 9:03am: (LON:AML) Amlin PLC share price was +2.6p at 479.3p

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