Highlights
Profit before tax of £258.7 million (2013: £325.7 million)
Return on equity of 14.1% (2013: 19.8%); return on net tangible assets of 16.4% (2013: 23.2%)
Growth in net written premium of 8.1% to £2,278.9 million (2013: £2,107.4 million), supported by improved reinsurance purchase
Average renewal rate decrease of 3.6% at January 2015, with catastrophe rates down by an average of 8.3%
Combined ratio of 89% (2013: 86%)
Reorganisation of business into three global Strategic Business Units improves global presence and client focus
Investment return of £118.5 million, equivalent to 2.7% on average investments (2013: £160.4 million, 3.6%)
Ordinary dividend declared increased by 3.8% to 27.0 pence per share (2013: 26.0 pence per share)
Special dividend declared of £75 million or 15.0 pence per share
Net tangible assets per share of 304.1 pence per share (2013: 288.7 pence per share)
Charles Philipps, Chief Executive, commented as follows:
"This is a solid result in a more competitive trading environment. We have delivered an attractive return on equity and our confidence in the business has allowed us to increase our ordinary dividend as well as declare a special dividend of £75 million whilst retaining a strong capital position.
The strength of our franchise, underwriting expertise and ability to adapt are powerful advantages as the market evolves. Amlin is well positioned to take advantage of the opportunities created by the pace of change in our markets, and has an excellent track record of cross-cycle underwriting discipline. We continue to believe that we can deliver attractive returns on equity."
