Amlin achieves record first half profits
by Kay Murchie
Amlin plc, the specialist insurance and reinsurance underwriting group, has seen its profits rise in the first 6 months of 2007. Pre-tax profits increased 54% to a record £185 million. After removing the positive effect of a £28.6 million swing in the foreign exchange translation of net non-monetary liabilities relative to 2006, underlying profit rose by 25.3% to £179.7 million (H1 2006: £143.4m).
The performance was due to underwriting and improved investment returns according to the company. The group combined ratio was 71% (H1 2006: 79%).
The Chief Executive, Charles Philipps, remarked that the achievement is due to an outstanding underwriting performance and strong investment returns. The company is optimistic about the outlook for the rest of 2007 and 2008.
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