Fewer disasters put insurer Amlin back in the black
Tuesday 21 August 2012
Lloyd's of London insurer Amlin bounced back into profit thanks to fewer catastrophes this year than last and also revealed it paid tax at a rate of barely more than 8 per cent.
Although Amlin is in the FTSE 100 and based in London, it has a strong Bermudian arm where it writes large chunks of its business.
For the six months to June it made a profit of £184.5m, compared with a loss last time around of £192.3m. Those losses followed the Costa Concordia shipping disaster, as well as earthquakes in New Zealand and Japan.
Amlin's chief executive, Charles Philipps, defended the tax rate of 8.4 per cent, down from 21.2 per cent last year.
"We bore losses last year so the tax loss is carried forward, and secondly profits generated in Bermuda are tax free," he said. "We clearly do not shy away from paying tax on our UK profits."
Amlin's combined ratio was 84 per cent. that means it made a profit of 16p on every pound of premiums paid. This compares with a combined ratio of 122 per cent for the same period a year ago.
filmFilm producers sue Warner Bros for $75m over Hobbit films
Swedish stars ask fans for £195 pledges on crowd-funding website
musicThe 21-year-old beat Ella Eyre and Chlöe Howl to win the honour
lifeFull of the joys and want to help your fellow man? December isn't the time to do it
Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
David Cameron explains selfie with Obama and Helle Thorning-Schmidt at Mandela Memorial
French café starts charging extra to rude customers
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- 1 Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
- 2 French café starts charging extra to rude customers
- 3 Sun will 'flip upside down' within weeks, says Nasa
- 4 Is Facebook making us forget? Study shows that taking pictures ruin memories
- < Previous
- Next >
iJobs Money & Business
£44999 - £60001 per annum + Benefits: Pro-Recruitment Group: A Top Tier firm i...
£77099.84 - £96375.26 per annum + Bonus + Benefits : Harrington Starr: My clie...
£45000 - £60000 per annum + Bonus and Package: Harrington Starr: Trading appli...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...