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.
- 1 Hair loss explained: How and why men go bald
- 2 Game of Thrones season 6: Jon Snow theorists believe the Stark may have a twin sister
- 3 Artist takes LSD, draws herself over different stages of the 9-hour trip to show its effects
- 4 A pint of water every day is the key to losing weight, scientists say
- 5 Russia 'accidentally reveals' number of its soldiers killed in eastern Ukraine
Most expensive city to live in for expatriates: Luanda, Angola takes number one spot with Hong Kong and Zurich in top three
Video of Irish 'professional boxer' fighting Istanbul neighbourhood goes viral in Turkey
Irish tourist filmed fighting with shopkeepers in Turkey says they 'messed with the wrong man'
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal get peerages
Moody neurotics are more likely to be creative geniuses, study says
Dresden riots: Protesters in Germany attack refugee buses shouting 'foreigners out'
France train shooting: US soldiers speak of the moment they stopped gunman and 'beat him until he was unconscious'
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£13000 - £25000 per annum: Recruitment Genius: Would you like to be part of a ...
£20000 - £25000 per annum + competitive: SThree: Are you passionate about sale...
£25000 per annum + benefits: Ashdown Group: A large financial services company...
£20400 per annum: Ashdown Group: An established and highly reputable organisat...