Lloyd's insurer Amlin said current trading remained good following positive January renewals, where it continued to experience a strong trading environment.
It said the relative weakness of the US dollar, coupled with lower than anticipated investment yields on the Syndicate portfolios, was expected to affect the outcome for the 2003 year of account.
Despite this, Amlin said it expected that the 2002 and 2003 forecasts would continue to improve if a normal level o floss development was experienced throughout the remainder of the year.
The final profit for the 2001 year of account was 13.4% of capacity before the loss from terrorist attacks on 11 September 2001, which amounted to 12.3% of capacity.
Amlin chief executive Charles Philipps, said: "The positive result in 2001, despite the terrorist losses, provides clear demonstration of the strength of our underwriting.
"2002 continues to improve and for 2003, when we owned more of our capacity than ever before, our current forecasts indicate another good return."
