Lloyd's insurer's profits fall by 26%.

Lloyd’s insurer Amlin has reported a 26% drop in pre-tax profit for the first six months of 2008. Profit fell to £137.3m, from £185m in the same period last year.

Gross written premiums also fell to £715.5m for the half year, compared to £805.2m in the first half of 2007.

The combined operating ratio was 67%, improved from 71% last year.

Underwriting profit dipped to £148.7m for the six months, just down from £151.9m in the first half of 2007.

Charles Philipps, chief executive, said: “Over the next two years we expect the diversity of our underwriting to be recognised as a key strength, as rate increases in UK commercial motor and property lines help compensate for softening rates in other parts of our business.”

In the past month, Amlin has taken stakes in brokers Miles Smith and TL Dallas.