Profits up at insurer Amlin in spite of bad weather in Britain

Kate McCann
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SPECIALIST insurer Amlin has reported positive overall results for 2013, despite a hit to the UK and European arm of the business from the recent bad weather.

Profit before tax was up 23.3 per cent to £325.7m from £264.2m in 2012. Amlin also reported a combined ratio of 86 per cent, compared to 89 per cent in the year before, and a return on equity of 19.8 per cent.

Chief executive of the group Charles Philipps said: “Our 2013 result is a testament to the strength of our talent and reinforces our capability and potential. With a number of businesses improving their performance, and our actions to drive profitability forward, we are well placed to continue to deliver good returns for shareholders.”

He added that a high frequency of small-scale catastrophe events in Europe, including the storms in the UK this winter, had an impact on the EU results.