Business
Interim Results 2011
Interim Results 2011.
About this update from Aston Martin Lagonda Global Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 7438M Amlin PLC 22 August 2011 \n \n\n22 August 2011\n \nInterim Results for the \nsix months ended 30 June 2011\n \nBusiness strong despite exceptional claims \n \nHighlights\n \n§ Unprecedented first half catastrophe loss activity\n§ Total catastrophe claims of £314.3 million, adding 34% to claims ratio (H1 2010: £127.1 million and 15%)\n§ Loss before tax of £192.3 million (H1 2010: profit of £107.6 million) \n§ First half return on equity of (8.8)% (H1 2010: 5.3%) \n§ Gross written premium up 1.9% at £1,514.6 million (H1 2010: £1,486.2 million)\n§ Combined ratio of 121% (H1 2010: 88%), with an underwriting loss of £194.3 million\n(H1 2010: profit of £100.1 million)\n§ Strong start for Amlin Re Europe, with gross written premium of £79.2 million generated in the period \n§ Reinsurance rates in US and international catastrophe accounts improving\n§ Investment return of 1.0% (H1 2010: 1.7%), generating an investment contribution of £45.3 million (H1 2010: £78.7 million)\n§ Earnings per share (30.7) pence (H1 2010: 17.1 pence)\n§ Interim dividend maintained at 7.2 pence per share (H1 2010: 7.2 pence per share)\n§ Net tangible assets per share decreased 18.6% to 255.1 pence (YE 2010: 313.2 pence)\n \nCharles Philipps, Chief Executive, commented as follows:\n\"Exceptional catastrophe losses in the first half of 2011 have taken a heavy toll on the reinsurance industry, and Amlin has been no exception. While our results are disappointing, the core underwriting businesses in London and Bermuda are well placed to take advantage of an improving rating environment, particularly in catastrophe lines. We remain focused on addressing areas of underperformance and I am confident that Amlin can continue to deliver excellent long term returns for our shareholders.\"\n \n\n\n\n\nEnquiries: \n\n\n\n\n\n\n\nCharles Philipps, Chief Executive, Amlin plc\n\n\n0207 746 1000\n\n\n\n\nRichard Hextall, Finance Director, Amlin plc\n\n\n0207 746 1000\n\n\n\n\nAnalysts and Investors\n\n\n\n\n\n\n\nJulianne Jessup, Head of Investor Relations, Amlin plc\n\n\n0207 746 1961\n\n\n\n\nEd Berry, Vice-President, Financial Dynamics\n\n\n0207 269 7297\n\n\n\n\nMedia\n\n\n\n\n\n\n\nHannah Bale, Head of Communications, Amlin plc\n\n\n0207...