Lloyd’s insurer sees record COR of 63%
Amlin has posted strong results, with profits before tax up 30% to £445 million, and a record return on equity of 37.8%.
The Lloyd’s insurer had a record combined operating ratio (COR) of 63% in 2007, compared to 72% in 2006.
Investment return increased by 36.4% in the period to £157m. Net assets increased by 12.4% to £1,052.2m with record run-off profits from reserves of £109m.
Amlin chief executive Charles Phillipps said: “These results are exceptional and reflect a combination of strong pricing conditions, low catastrophe claims and good investment returns. Our average return on equity over the past five years shows that this is not a flash in the plan. However, underwriting returns have peaked in the short term. Our confidence in being able to deliver more than acceptable returns for shareholders and our strong balance sheet supports a strong dividend going forward.”
