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Interim Results

Amlin lifts dividend after solid first half

24 August 2015 07:25

Amlin reports a solid performance in challenging markets for the six months to the end of June with pre-tax profits stable at £143.3m (H1 2014: £148.5m).

Gross written premium increased by 6.2% to £2,007.6 million (H1 2014: £1,891.2 million) and the interim dividend is up 3.7% at 8.4p per share.

Other highlights:

- First half return on equity of 7.4% (H1 2014: 8.1%), 14.8% annualised - Return on net tangible assets of 8.7% (H1 2014: 9.5%), 17.4% annualised

Average overall rate decrease of 4.0% (H1 2014: 3.3%), with renewal retention rate healthy at 88% (H1 2014: 86%)

- Net earned premium decreased by 7.5% to £1,031.3 million (H1 2014: £1,114.8 million), reflecting seasonal risk profiling of windstorm premium, changes in mix in the Reinsurance account and multi-year contracts

- Combined ratio of 91% (H1 2014: 87%) due to higher expense ratio on lower net earned premium (combined ratio of 89% before seasonality adjustment)

- Strong investment return of 2.2% (H1 2014: 1.3%)

- Leadenhall Capital Partners increased funds under management by 6.7% to $2.0 billion, supported by initiatives with the Reinsurance SBU

- Organisational changes introduced in 2014 embedded, with focus now on implementation of new Strategic Business Unit strategies

Chief executive Charles Philipps said: "This is a solid set of results in the more challenging market which prevails. Were it not for our change in accounting for the seasonality of catastrophe reinsurance earned premium, profit before tax would have been considerably ahead of the first half of last year. This will unwind in the second half. I am also pleased with the substantial progress which has been made following our reorganisation last year. New opportunities exist and efficiency gains are being realised."

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Related Company: AML

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