Pre-tax profits up 54% to £185m
Lloyds giant Amlin saw profits soar in the first half of 2007.
Pre-tax profits increased 54% to a record £185.0 million. Underlying profit, after removing the positive effect of a £28.6m swing in the foreign exchange translation of net non-monetary liabilities relative to 2006, rose by 25.3% to £179.7 million (H1 2006: £143.4m).
The company attributed the performance to underwriting and improved investment returns.
The group combined ratio was 71% (H1 2006: 79%).
Charles Philipps, Chief Executive, said: “This is a record result driven by an exceptional underwriting performance and strong investment returns. Our outlook for the remainder of 2007 and for 2008 is positive.”
