Amlin expects profits of £120m for the 2005 half year and has indicated its results will be materially ahead of expectations due to a combination of continued strong trading, low levels of claims incurred, good investment performance and the effect of reporting under IFRS.
However, the profile of Amlin's business is such that, in normal circumstances, a higher proportion of underwriting profits are earned in the first half than in the second half of the year.
Amlin will announce its interim results for the period ended 30 June 2005 on 5 September 2005.
Amlin reported that Syndicate 2001's premium income (net of brokerage) to the end of June 2005 was £572m compared with £586m for the previous year which represents 71% of its planned income for the year.
The average renewal rate reduction for the first half was 4% with renewal retention at 83%.
The report said claims incidence has been relatively light with the European storm Erwin in January being the largest loss event in the first half of 2005. It also said the approach to reserving has resulted in reserve releases which were above average owing to a better development of prior years than would normally be expected.