Highlights
Profit before tax up 23.3% at £325.7 million (2012: £264.2 million)
Return on equity of 19.8% (2012: 17.4%), above our estimated cost of capital of 8.5%
Combined ratio of 86% (2012: 89%)
Solid underwriting performance, with limited major catastrophe activity
Strong performance from Amlin London and Amlin Bermuda, with continued improvement from Amlin Europe
Frequency of European catastrophe activity impacts Amlin Re Europe
Average renewal rate down 2.1% at January 2014, with catastrophe rates decreased by an average of 8.4%
Excellent investment return of £160.4 million, equivalent to 3.6% on average invested assets
(2012: £165.3 million, 4.1%)
Dividend declared increased by 8.3% to 26.0 pence per share (2012: 24.0 pence per share)
Net tangible assets per share of 288.7 pence (2012: 259.8 pence)
Charles Philipps, Chief Executive, commented as follows:
"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."
