Insurer Amlin sees profit increase

24 August 2009

There was a 29 per cent increase in pre-tax profit at insurance firm Amlin during the first half of 2009.

According to new data from the company, the figure jumped from $226.6 million in the opening six months of 2008 to $292.3 million during the same period this year.

Earnings per share at the business rose 54.4 per cent to 58c, while there was a 54.5 per cent jump in profit after tax, which climbed to a record high of $275.5 million.

Chief executive Charles Philipps said that the company is "exceptionally well-positioned" to continue to perform well once the market begins to rebound following the economic downturn.

"We have already benefited from improvements in catastrophe-exposed lines," he remarked, adding that the opening half of 2009 has been an "excellent" one for Amlin.

The company's share price increased as a result of the new figures, rising 26.8c at 08:34 BST following the announcement to $6.13.

Written by Claire Archer

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