Amlin Plc (AML.L) issued Interim Management Statement for the period to 15 May 2013. Gross written premium for 2013 underwriting was up 7.1% at 1.543 billion pounds for the four months ended 30 April 2013, compared to 1.441 billion pounds in the prior year period.
In the four months to 30 April, healthy rate increases were achieved in a number of key classes underwritten by the Group, catastrophe and large loss activity was benign and a higher than expected investment return of 1.8% was achieved.
The profitability of Amlin London and Amlin Bermuda remains strong and, in line with expectations, the underlying profitability of Amlin UK, Amlin Europe and Amlin Re Europe has continued to improve, the company said.
The company noted that Growth in income across 2012 and 2013 is providing positive earnings momentum and changes made to its retrocessional programme for 2013, with lower premiums and significantly lower retentions, are expected to further increase reinsurance margins.
Charles Philipps, Amlin's Chief Executive, said "Amlin has made a positive start to 2013 with improvement in performance across all key areas of the business. We continue to benefit from the diversity of our portfolio, which gives Amlin exposure to favourable market conditions across a range of insurance and reinsurance classes. The Group is well capitalised and in a strong position to exploit further opportunities for profitable growth."
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