Amlin has reported that profit before tax fell over 13% to
£120.1m in the first six months of 2006, as a result of lower investment returns and IFRS currency translation.
Amlin said gross premiums written were up 25% to £846.2m (H1 2005: £675.8m) and reported that London underwriting profit was up 7.5% at £101.5m (H1 2005: £94.4m)
Amlin also announced a solid start to Amlin Bermuda, Amlin's reinsurance operation, with underwriting profit of £23.6m.
Charles Philipps, chief executive, said: “This has been a busy and productive first half for Amlin. The six month result again demonstrates the strength of our business. While the profit is a touch down on last year, owing to exchange rate fluctuations, our annualised return on equity is still a very healthy 24%.
"With Amlin Bermuda building its potential and our reinsurance exposures repositioned to address changes in the market we are well placed going forward.”
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