23rd Feb 2005 07:00
Amlin PLC23 February 2005 PRESS RELEASE 23rd April 2005 For immediate release AMLIN PLC - SYNDICATE RESULTS AND FORECASTS Amlin reports record 2002 syndicate profit Amlin plc ("Amlin"), the leading Lloyd's insurer, today releases Syndicate2001's final result for the 2002 year of account, an updated forecast for the2003 year of account and an initial forecast for the 2004 year of account. The result and forecasts in the table below are after all personal expenses andare expressed as a percentage of capacity. Capacity % Profit /currentYear of account £m owned forecast Previous forecast 2002 800.0 72.3 21.7% 17% to 22%2003 1,000.0 86.2 16% - 21% 14% to 19%2004 1,000.0 100.0 6% - 11% N/a Coming in at the higher end of previous forecasts, the 2002 year of accountresult is a strong one and was achieved whilst maintaining good diversity ofclasses written, with each division achieving a double-digit return on capacity. The improvement in the 2003 forecast reflects continued good claims development. Claims experience to date has been excellent with a gross incurred claimsratio of 36% after 24 months compared to 40% for the 2002 year at the samestage. With continued normal loss development, the 2003 forecast is expected toimprove from this position. The 2004 year of account is at an early stage of development and in setting theinitial forecast, as usual, a cautious approach has been adopted. Naturalcatastrophe losses in this year, including the US hurricanes and Japanesetyphoon, are currently forecast to be the highest ever. As with 2003,improvement in the forecast is expected if normal loss levels are experienced asthe account develops. Charles Philipps, Chief Executive of Amlin, said: "Excellent performance acrossthe Group for both underwriting and our investments has produced a record resultfor Syndicate 2001 for the 2002 year of account, with continued highexpectations for the open years. This is a testament to the quality of theunderwriting teams across the Group. I am very pleased with the levels ofdedication and contribution demonstrated by all of our teams." Enquiries: Amlin plc 020 7746 1000Charles Philipps, Chief ExecutiveRichard Hextall, Finance DirectorHannah Bale, Head of Group Communications Haggie FinancialDavid Haggie 020 7417 8989Peter Rigby This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Aston Martin Lagonda