Amlin Plc Announces Profit Increases

28/02/2008 UK based insurance company Amlin PLC  announced on Thursday the financial results for financial year 2007, reporting an increase in earnings, driven by strong pricing conditions, low catastrophe claims and good investment returns. The company also reported a decline in 2007 earned premium income revenues.Total profit announced for the year was GBP 352.8 million this is compared to GBP 267.8 million  in the previous year.Total income for the year was GBP 1.13 billion, compared to GBP 1.17 billion last year. Net insurance claims for the year declined to GBP 354.2 million from GBP 481.0 million in the financial year 2006.The company recorded net earned premium revenues of GBP 972.3 million for the year, this is compared to GBP 1.05 billion in 2006.Full year investment return increased 36.4% to GBP 157.0 million from GBP 115.1 million a year earlier.The company recorded total expenses of GBP 312.9 million for 2007, compared to GBP 322.1 million in the prior year.The board of directors of Amlin proposed a final ordinary dividend of 10.0p per share, which will be paid on 30 April 2008, subject to shareholder approval. Additionally the company authorised a buy back programme for  ordinary shares in order to continue to efficiently manage equity capital.In addition, the company announced changes to the board. The appointment of Marty Feinstein as a new non-executive Director. The company noted that in April 2008, director Roger Joslin will be retiring.

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Staff Writer David Sutherland

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