JOY FERNEYHOUGH ESPÍRITO SANTO
Amlin have delivered a good set of numbers following the peer group after a benign catastrophe half year. We think that the potential for Amlin to deliver attractive profitability in 2012 and 2013 is good. However the shares have performed well and we see better upside elsewhere.
NICK JOHNSON NUMIS
First half pre-tax profit of £185m is comfortably ahead of consensus, mainly reflecting investment earnings outperformance. These results are a welcome return to form for Amlin with the large reinsurance portfolio delivering strong profits.
MARCUS BARNARD ORIEL SECURITIES
Gross written premiums have increased to £1,815m from £1,515m. The increase has largely been driven by a £116m uplift to reflect an improvement in the process for recording premium income and strong growth in Amlin Re Europe, a start-up in its second year, where premiums have doubled.