AGM Trading Update

Amlin PLC
24 April 2008



AMLIN PLC


PRESS RELEASE

For immediate release

24 April 2008


AGM Statement and Update on Trading


At the Annual General Meeting to be held at noon today, the Chairman of Amlin
plc ('Amlin' or 'the Group'), the leading insurer, will provide the following
update on trading. An Interim Management Statement will be provided on 14 May
2008.


Trading environment


The Group continues to write a well balanced portfolio of business. While rates
are softening in our Non marine, Marine and Bermudian lines albeit from historic
high levels, we remain well positioned to benefit from an upturn, when it comes,
in our UK commercial and aviation lines.


The average renewal rate reduction for the Group for the first three months was
7% with renewal retention at a healthy 86%. This is analysed by division in the
table below:

+---------------------+--------------------+-----------------+----------------+
|                     |   Gross Premiums to|     Renewal rate|         Renewal|
|                     |                    |           change| retention ratio|
|                     |       31 March 2008|                 |                |
+---------------------+--------------------+-----------------+----------------+
|                     |           £ million|                %|               %|
+---------------------+--------------------+-----------------+----------------+
|Non marine           |               185.3|           (10.1)|              86|
+---------------------+--------------------+-----------------+----------------+
|Marine               |                99.2|            (2.8)|              84|
+---------------------+--------------------+-----------------+----------------+
|Aviation             |                17.0|            (1.5)|              83|
+---------------------+--------------------+-----------------+----------------+
|UK commercial        |                31.8|            (2.9)|              76|
+---------------------+--------------------+-----------------+----------------+
|Amlin Bermuda        |                62.6|            (8.6)|              94|
+---------------------+--------------------+-----------------+----------------+
|Total / average      |               395.9|            (7.4)|              86|
+---------------------+--------------------+-----------------+----------------+



Our reinsurance classes, written within Non marine and Amlin Bermuda, are coming
off their peak rating levels but prospective margins remain acceptable. The US
catastrophe account has experienced reductions of between 10% and 12%. The
international catastrophe book is under continued pressure but there remain
attractive areas, particularly where there have been recent losses, such as the
UK and Australia. The recent Japanese catastrophe reinsurance renewals had an
average 7% reduction in rate.


Within the balance of the Non marine division the US large property insurance
book is suffering from stronger competition and we have begun to retract from
this business. Other specialty classes are experiencing more modest rate
reductions and continue to offer good margins.


Within the Marine division, the energy account is under pressure, particularly
from new entrants, but while rates are off their peak, they still remain
acceptable. War rates continue to soften but with strong aggregate management we
remain confident of good returns. Our other marine classes are experiencing
small rate reductions and continue to offer good margin potential.


Airline rates remain competitive but there are growing signs that general rate
improvements will be seen in 2008. To date renewal rates have been better than
expected, although this is based on the limited number of accounts renewing in
the first quarter.


The UK commercial rating remains poor and whilst 2008 will be unlikely to offer
many opportunities to increase premium volumes the rate of reduction is slowing.


Premiums written


The Group's gross written premium (before deduction of brokerage) incepting in
the first three months ended 31 March 2008 (see note below) is £395.9 million
(2007: £440.2 million at March 2008 rates of exchange), a drop of 10% compared
to the same period in 2007.


Syndicate 2001 contributed £333.3 million, a drop of 13%. The majority of this
decrease emanates from our non marine and UK commercial classes and reflects
more competitive markets. Of this income, £17.1 million (2007: £16.2 million)
was specifically written to be ceded to Amlin Bermuda with up to a further 12.5%
ceded through the renewal of a whole account quota share reinsurance contract.


Amlin Bermuda has written US$123.9 million of direct income in the first three
months, in addition to the reinsurances of Syndicate 2001 noted above. This is
an increase of 10% at comparable rates of exchange to the same period in 2007.


Claims development


Whilst there has not been a major catastrophe event in 2008 there have been some
notable catastrophe losses and an increase in the number of individual large
risk losses. Insured loss estimates for first quarter events are up to $6
billion.


These included the British Airways airline crash at London Heathrow, Cyclone
Emma affecting Central Europe in March, significant tornado damage in Atlanta
Georgia, a Crane collapse in Manhattan and Australian mine floods. Amlin's
estimated exposure to these events is modest reflecting our relatively small
average line size.


Investment returns


The Group's investment return for the first quarter was 0.8% on average funds
under management of £2.5 billion.


Overall the Group's investments have remained defensively positioned. Despite
the efforts of Central Banks liquidity conditions in credit markets deteriorated
further during the first three months. The flight to quality and expectations of
further interest rate cuts was positive for our bond benchmarks, which are based
on government indices. However, our bond managers' non-government holdings,
whilst being highly rated, detracted from returns. Equity manager
outperformance, together with the hedges that were in place, mitigated some of
the impact of equity market falls over the period.


Share buy back programme


As communicated in our recent Annual Report and in the circular to shareholders
containing the Notice of AGM, we have commenced a share buy-back programme. In
the first three months we have purchased 1.81 million shares at an average price
of 263.5p per share.


Summary


Overall, 2008 is expected to be a more challenging year but we have confidence
that we will continue to deliver acceptable returns for our shareholders.



Note: Gross written premium relates to policies both written and incepting on or
before 31 March 2008. Previous trading statements have quoted gross premium for
policies that were written on or before the quoted date irrespective of the date
of inception. Comparatives in this statement have been updated accordingly.






Enquiries:


Charles Philipps, Amlin plc 0207 746 1000

Richard Hextall, Amlin plc 0207 746 1000

Hannah Bale, Head of Communications, Amlin plc 0207 746 1000

David Haggie / Peter Rigby, Haggie Financial 0207 417 8989




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