Amlin returns to the black in H1
by Richard Kilner
Story link: Amlin returns to the black in H1
Amlin has reported its interim financial results for the six months ended 30 June 2012.
Biannual pre-tax profits for this period came to £184.5m, almost the mirror image of the £192.3m loss that the firm incurred during the corresponding period last year.
However, the first half of 2011 was particularly notable for the very high incidence of natural catastrophes which had a significant impact upon the firm’s results.
In the first six months of 2012 Amlin reported a return on equity of 11.9%, compared to an 8.8% loss in H1 2011.
Gross written premiums rose by 19.8% from £1,514.6m last year to £1,814.7m.
Chief Executive Charles Philipps described Amlin’s biannual results as a welcome return to profitability.
Philipps went on to say that the strong underwriting result the firm achieved underlined the business’ diversity and quality.