Our approach
We seek to achieve good levels of transparency in communications about our business and its operational and financial performance, so that current and future investors and analysts can make informed judgements.

We seek to communicate with existing and potential investors, whether they be institutional or private investors, in the most appropriate and effective manner.

We listen to shareholder views on our business and its direction so that we can answer or address those issues in our communications or in the management of the Company.

Our shareholder base
Over the last five years our shareholder base has changed, with UK institutional investors replacing a number of specialist investors which had invested widely across the Lloyd's insurance sector during the 1990s. Whereas nine out of the top 20 shareholders were conventional UK institutions in 2000, this figure had increased to 18 by the end of 2005. Over this period, the proportion of the Company owned by the largest 20 shareholders has decreased marginally.

At 31 December 2005, we had 1,660 shareholders on the main register and 1,081 on the register of shares issued in the November 2005 rights issue, compared with 2,424 a year earlier. Institutional, corporate and other nominee shareholders owned 96% (2004: 93%) of Amlin's issued shares (including the rights issue shares) and private shareholders registered in their own names owned the balance of 4% (2004: 6%).

Amlin share register 31 December 2005, excluding rights issue shares

By size of investment Number of holdings % Number of shares % Up to 50,000 1,328 80.00 10,276,904 2.55 50,001 to 100,000 86 5.18 6,065,803 1.51 100,001 to 500,000 141 8.50 30,884,726 7.68 500,001 to 1,000,000 41 2.47 29,526,941 7.34 1,000,001 to 5,000,000 49 2.95 99,796,036 24.81 5,000,0001 to 10,000,000 8 0.48 56,230,604 13.98 Over 10,000,000 7 0.42 169,527,040 42.14 Total 1,660 100.00 402,308,057 100.00 Source: Amlin

Amlin share register 31 December 2005, excluding rights issue shares

By type of investment Number of holdings % Number of shares % Current Directors (and connected persons) 12 0.72 3,680,274 0.91 Other individuals 987 59.46 16,274,115 4.05 Employee Share Ownership Trust 1 0.06 1,687,397 0.42 Corporate, nominee and institutional 660 39.76 380,666,268 94.62 Source: Amlin

Amlin relative share price performance in 2005


Rights issue
The Company's rights issue of 127,805,073 new Amlin shares, which raised £214.7 million (net of expenses) to help fund the start-up of Amlin Bermuda, was well supported by shareholders with a take up of 96.5%. The new shares do not rank for the final 2005 dividend but will rank for all subsequent dividends.

Shareholder and broker analyst contact
During 2005, the Chief Executive and/or Finance Director met with 125 (2004: 80) existing or potential institutional investors in the UK, Europe and the United States. They also visited some 22 (2004:19) private client brokers and fund managers. 20 meetings with institutional investors were held in connection with the Company's rights issue referred to above.

We held presentations for broker analysts on the days of the release of our annual and half year results statements, on the implications of IFRS, and following the announcement of the Company's intention to start up Amlin Bermuda. For the last three years we have webcast our annual and half year results presentations so that all investors may access the information simultaneously. Webcast log-in details are available on our website at least seven days prior to results announcements.

We maintained our programme whereby six (2004: nine) major institutional shareholders, Amlin's Chairman, the Chief Executive and non-executive directors, exchanged views on the Company's strategy and approach to corporate governance.

Analyst coverage
There are currently nine analysts publishing notes on Amlin, as set out in the table below. We also provide the names of analysts and their firms on our website. Additionally, Citigroup and HSBC have recently initiated coverage of insurance sectors in which we participate.

Analyst coverage

Corporate information
Our annual report and accounts are an important means of communicating with shareholders and
over the past five years we have sought to provide increasing levels of meaningful information on the Company. Our aim is to provide an objective and fair view of the performance and prospects
of the Company.

In 2005 we were pleased to be awarded the Building Public Trust Award, sponsored by PriceWaterhouseCoopers, for our reporting of executive remuneration.

We complement our annual and interim reports with information on our website which includes details of press releases and other updates. During 2005 we launched an improved website with increased information. We provide e-mail alerts to investors and others who like to receive notification of our
press releases.

For those shareholders who would prefer to receive our Annual and Interim Reports electronically, click here. This may be convenient to some shareholders and potentially reduces paper usage and costs. 44 shareholders registered for this last year.

Financial calendar

2006   25 May 2006 Annual General Meeting 31 May Expected payment of final dividend for 2005 (subject to approval) 4 Sep Announcement of interim results and interim dividend for the six months ended 30 June 2006 Oct Expected payment of interim dividend 2007   March Expected date for announcement of 2006 results May Annual General Meeting May Expected payment of 2006 final dividend