Amlin H1 boosted by rising investment returns

Amlin H1 boosted by rising investment returns

London: London-listed insurer Amlin reported a better-than-expected 29% increase in its half-year profit, helped by rising prices and stronger investment returns.

Amlin had a pretax profit of £177.1 million ($293.3 million) for the six months to 30 June, up from £137.3 million in the same period last year, the company said on Monday.

Analysts had expected a profit of £128 million, according to the average of six estimates collected by the company.

“We have already benefited from improvements in catastrophe-exposed lines and Amlin is exceptionally well positioned to grow into better market conditions when similar positive trends emerge in other classes in Amlin’s portfolio," Amlin chief executive Charles Philipps said in a statement.

Amlin also benefited in the first half from an investment return of 1.6%, up from 0.7% a year earlier.

The company, which in June bought Fortis Corporate Insurance from the Dutch government for about $500 million, said it was making good progress towards integrating the acquisition.

Amlin also raised its interim dividend by 8.3% to 6.5 pence per share.