Amlin reports record first-half earnings
by Gill Montia
Story link: Amlin reports record first-half earnings
Amlin says it achieved record earnings during the first half of 2009, with pre-tax profit up 29% to £177.1 million, compared with £137.3 million for the same period of 2008.
The group received a boost from its investment income, which generated an increased contribution of £53.1 million compared with £22.5 million in the first half of 2008.
The Lloyd’s insurer and re-insurer also reported that the integration of Fortis Corporate Insurance N.V. (now Amlin Corporate Insurance N.V.) is proceeding well, following completion of the acquisition last month.
The firm has raised its interim dividend to 6.5 pence per share from 6 pence per share this time last year.
Chief executive, Charles Philipps, comments: “We have had an excellent first half both in terms of results and the development of the Group with the acquisition of ACI.”
He adds: “We have already benefited from improvements in catastrophe exposed lines and Amlin is exceptionally well positioned to grow into better market conditions when similar positive trends emerge in the other classes in Amlin’s portfolio.”