Amlin has reported a 25.4% increase in Syndicate 2001's 2003 result.
Amlin said the result reflects strong trading conditions for the year and a low level of loss incidence across most classes of the business with all divisions producing excellent returns for the year.
The Syndicate also reported an improvement in the 2004 forecast to between 9 and 14%, up from the previous 8-13%.
The combined impact of the 2004 and 2005 windstorm losses for this year of account are reserved at £93.3m, net of reinsurance, or 9.3% of capacity.
Amlin said the 2005 year of account is at an early stage of development and a cautious approach has been adopted in setting the forecast. It has currently been set at 1.5-6.5%
The 2005 windstorm losses are reserved at £121.3m, net of reinsurance, or 14.3% of capacity.
Amlin said that with the strength of the fourth quarter performance, it expects that the 2005 consolidated result will be significantly better than market expectations.
This is due to a combination of lower than anticipated claims development, a strong investment return and exchange gains under IFRS of approximately £26m together with a realised gain of £6m from the funding of Amlin Bermuda.
It is anticipated that the Group's pre tax profit for the year ended 31 December 2005 will be not less than £175m.
