Amlin stumbles on reduced investment results

Amlin P.L.C. posted pre-tax profit of £258.7 million ($399.3 million) for 2014, down 21% from 2013, in a more challenging trading environment, according to its CEO Charles Philipps.

Amlin, which operates syndicate 2001 at Lloyd’s of London and Switzerland and Netherlands-based underwriting platforms, said its combined ratio for 2014 was 89%, compared with 86% a year previously.

Amlin posted gross written premiums of £2.56 billion in 2014, up 3.6% from £2.47 billion in 2013, it announced Monday.

Insurer and reinsurer Amlin said its investment income was £118.5 million for 2014, down from £160.4 million in 2013.

In a web presentation, Mr. Philipps said that 2013’s investment income had been boosted by a strong performance in equities but that the 2014 investment income was creditable.

Mr. Philipps said that at the Jan. 1 renewal, rates fell on average by 4.1% across Amlin’s entire book of business, compared with a 2.1% decrease at the Jan. 1, 2013 renewal.