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Amlin posts record profit for 2006


LONDON— Amlin P.L.C. announced record profit before tax of £342.7 million ($660.5 million) for 2006, representing a year-on-year increase of 84%.

The company posted record return on equity of 34%.

Amlin, which has operations at Lloyd's of London as well as in Bermuda, posted gross written premiums of £1.11 billion ($2.14 billion), up 12% compared with the previous year.

The company posted a combined ratio of 72%, compared with 82% in 2005.

Charles Philipps, chief executive, described the results as "pretty outstanding."

He attributed the strength of the figures to the decline in low level of natural catastrophes, particularly in North America, and secondly, to the company's decision to reduce the amount of retrocessional reinsurance it bought on the grounds that it was not cost effective.

Mr. Philipps was positive about the year ahead, but the company anticipated increased competition in its U.K. commercial and aviation lines of business. Simon Beale, divisional underwriter, said the former had been a "weak area" because of the lack of significant losses, and the latter as being "at the bottom of the rating cycle."