Amlin achieve surge in annual profits
by Richard Kilner
Story link: Amlin achieve surge in annual profits
Amlin plc has released its preliminary financial results for 2009.
The firm saw pre-tax profits of £509.1m, more than fourfold the £121.6m achieved in 2008.
The full-year results show that the momentum of the first six months (which saw pre-tax profits up 29% to £177.1m) accelerated during the latter half of the year.
In addition, return on equity was up almost 30% to 37%, and the dividened has increased by 3p (17.6%) to 20p.
The insurer’s gross assets rose by 36% from £4.2bn in 2008 to £5.7bn in 2009.
Chief Executive Charles Philipps responded to the results with delight, describing the firm’s performance as excellent and attributing the year-on-year improvements to a recovery in the investment markets and the strength of Amlin’s underwriting businesses.
Philipps also stated that Amlin had made great strategic progress, singling out the acquisition of the Fortis Group’s commercial insurance operations in the Benelux countries (now Amlin Corporate Insurance).