Solid results for Amlin
Amlin has announced its full year 2014 results which shows it delivered a strong financial year in a ‘more competitive trading environment’.
Profit before tax decreased from £325.7m (2013) to £258.7m (2014). The group witnessed growth in net written premium of 8.1% to £2,278.9m (2013: £2,107.4m), supported by improved reinsurance purchase. Gross written premium (GWP) too increased from 2,467.4m (2013) to £2,564.0m (2014). GWP for UK/Europe motor remained the same as 2013 at £154m.
Charles Philipps, chief executive, commented, ‘This is a solid result in a more competitive trading environment. We have delivered an attractive return on equity and our confidence in the business has allowed us to increase our ordinary dividend as well as declare a special dividend of £75 million whilst retaining a strong capital position.
‘The strength of our franchise, underwriting expertise and ability to adapt are powerful advantages as the market evolves. Amlin is well positioned to take advantage of the opportunities created by the pace of change in our markets, and has an excellent track record of cross-cycle underwriting discipline. We continue to believe that we can deliver attractive returns on equity.’