Amlin posts 2011 loss as chairman prepares to exit
by Gill Montia
Amlin has posted a pre-tax loss of £193.8 million for 2011, compared with a profit of £259.2 million a year earlier.
Net catastrophe losses for 2011 amounted £500.8 million, having accelerated beyond the expected figure of £170 million.
The re / insurer also saw a negative return on equity of 8.6% (2010: positive 13.9%) and an investment return of £40.5 million, equivalent to 0.9% (2010: £175 million, 4%).
The group’s combined ratio of 108% (2010: 89%), includes 27% generated by major catastrophe losses.
Amlin has also announced that chairman, Roger Taylor, will step down following the firm’s 2012 annual general meeting.
He will be succeeded by Richard Davey who has served as a non-executive director of Amlin since 2005.
Commenting on the 2011 results, chief executive, Charles Philipps, says: “While catastrophe claims were a primary focus during the year, importantly, we continued to make strategic progress.”
He adds: “Our strong balance sheet and leading market position means that we are already benefiting from the improving trading environment and are well placed to resume the delivery of good returns for shareholders.”