Amlin reports declining profits
by Richard Kilner
Story link: Amlin reports declining profits
Amlin has reported its interim results for the first six months of 2010, during which the firm saw gross written premiums surge upwards by 56.4% to £1,486.2m (up from £950.1m).
However, pre-tax profits declined sharply, from £177.1m achieved in H1 2009 to £107.6m in the first six months of this year.
Annualised return on equity fell from 27.4% to 10.6%, but investment return increased marginally from 1.6% to 1.7%.
Earnings per share were halved, from 35.2p to 17.1p, but the interim dividend was up almost 11%, from 6.5p to 7.2p.
Amlin also saw its net tangible assets per share increase slightly, rising by 2.2% from 289.6p to 295.9p.
Chief Executive Charles Philipps has said that the interim results Amlin achieved prove the robustness of its business model, in light of the significant first half catastrophe losses.
Philipps added that the firm was poised to take advantage of future growth opportunities, as and when they arise.