AGM Statement

Amlin PLC
25 May 2006


PRESS RELEASE


DATE     25 May2006



AGM Statement and update on current trading

At its Annual General Meeting held today, Amlin plc ('Amlin' or 'the Group'),
the leading insurer, will provide an update on current trading as set out below.

Premiums written and pricing

The Group's gross written premium (before brokerage costs) in the four months
ended 30 April 2006 was £647 million, up 25% over the same period in 2005.

Of this, Syndicate 2001's gross written premium was £591 million (at rates of
$1.73:£1), compared to £519 million for the previous year.  Syndicate 2001 has
increased its lines on selected business in a small number of classes with a
view to ceding these additional lines to Amlin Bermuda. In the first four months
it ceded £19 million of such premiums.

Amlin Bermuda has written £75 million (at rates of $1.73:£) of new premium
income to the Group in the first four months of 2006. This includes business it
has written directly and the cessions referred to above. It is below our
original expectations because of the late start and greater competition than
anticipated for international catastrophe business for the 1 January renewal
season, and, significantly, a reduction in risk appetite for Amlin Bermuda
following the decision not to renew a large proportion of Syndicate 2001's
retrocessional reinsurance programme in 2006. Nevertheless, we are pleased with
the level of support shown for our new company and, in particular, with the
quality and spread of its portfolio.

The Group has increased its premiums most in property reinsurance, property
insurance and energy classes, for which conditions have been strengthening
progressively during 2006 to date.  With the commencement of Amlin Bermuda and
growth in Syndicate 2001, property reinsurance income has increased by £98
million compared to the first four months in 2005.

The average renewal rate increase for Syndicate 2001 for the first quarter was
6% with renewal retention at 84%.  This is analysed by division below:


                                                                         Renewal
                                            Renewal rate change  retention ratio
                                                              %                %
Aviation                                                    0.7              88%
Marine                                                      9.1              84%
Non marine                                                  7.1              86%
UK commercial                                             (2.0)              80%
Average                                                     6.0              84%


With the exception of energy and war, marine classes have seen steady rate
improvements during the quarter. The energy account has averaged renewal rate
increases of 82% for the year to date.  Conversely the war account continues to
see rate reductions.  However this class has been relatively loss free and
offers diversification benefits.

Property and reinsurance rate improvements in the non-marine area have been
strengthening through the year, particularly for catastrophe exposed
territories.  We expect that significant rate increases will be achieved on our
Florida and Caribbean exposures which renew over the next two months.

The UK commercial division continues to operate in a highly competitive
environment.

Management of exposures

As previously reported, less reinsurance has been bought to protect Syndicate
2001's own reinsurance exposures.  We have continued to explore proposals to
purchase more cover but the alternative risk management strategy of reducing and
reshaping our peak underwriting exposures has continued to be the main focus.

For example, Syndicate 2001's Gulf of Mexico direct property exposures to our
modelled disaster scenario have been reduced by 30% by 1 April 2006 when
compared to 1 January 2006.  Windstorm exposed catastrophe reinsurance aggregate
is currently being reduced as programmes come up for renewal.

Additionally, as referred to above, Amlin Bermuda has reduced its maximum risk
appetite for catastrophes to $200 million from $250 million for a single zone,
and to $250 million from $300 million for contiguous zones.

Major claims and loss development

The underwriting loss ratios for the first quarter are excellent for most lines
of business.

The first quarter was a benign period for catastrophic loss events, although a
small number of large property claims were incurred.  However these are covered
by reinsurance and the property portfolio is performing in line with
expectations.

Development of prior year claims has continued to be healthy and ahead of our
expectations, with overall gross and net movements to 2005 hurricane losses
being immaterial.

Investment returns

Investment returns from different asset classes in the portfolio were mixed in
the first quarter.  Our global equity portfolio returned 10%.   Short sterling
bonds returned 0.3% and US dollars a loss of 0.1% as bond markets lost ground in
the face of rising interest rate expectations.  All of Bermuda's capital
remained invested in cash equivalents during the period and these returned 1.1%.
The weighted average return on average cash and investments, of £2.2 billion,
was 1.1%.

On 7 April 2006 an equity put option was acquired to protect approximately 20%
of the equity portfolio from a fall below its then value.

Overall cash and investments at 31 March 2006 rose to £2.3 billion from £2.1
billion at the end of the year.  This was helped by the final closure of the
2003 and prior years of the Syndicate into Amlin companies with net investments
to the Group increasing as a result by £200 million.



Roger Taylor, Chairman of Amlin, added: 'We have had a strong first quarter
underwriting return.  As we enter the critical renewal season for US windstorm
risk we are well placed to benefit from an anticipated further hardening of the
market, mindful of the need to manage our exposures.'


Enquiries:

Charles Philipps, Amlin plc                        0207 746 1000
Richard Hextall, Amlin plc                         0207 746 1000
David Haggie, Haggie Financial                     0207 417 8989



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