Annual Report 2005
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2005  Highlights

Financial highlights
Record profit before tax of £182.7 million, after absorbing 2005 hurricane losses of £130.1 million
Combined ratio stable at a healthy 82%
Record return on equity of 28.4%
Dividends (interim and proposed final) increased 27.5% to 10.2p per share
Rights issue successfully raised £215 million
US$175 million of longer term debt raised
Net assets of the Group increased 72% to £792.6 million

 

Operational highlights
Amlin Bermuda launched with US$1 billion of capital
Strong insurance financial strength ratings assigned to Syndicate 2001 and Amlin Bermuda
London market brokers rank Amlin as leading business for claims service
Continued leadership of process improvements for London market underwriting and claims
Turnover among senior underwriters was below 5% for fifth year in succession

 

Outlook for 2006
Strong opening position with unearned premium reserve of £523.8 million carried forward to 2006
Stronger pricing in key classes, including reinsurance, property and energy
Good start to year with gross premiums up 26% in first two months
Higher cash and investments, totalling £2.1 billion, increases potential return from investments
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