Syndicate Results

Amlin PLC
21 February 2003



PRESS RELEASE


DATE     21 February 2003



Amlin plc: Syndicate Results and Forecasts


Amlin Underwriting Limited, the leading managing agency owned by Amlin plc 
('Amlin'), has released its managed syndicates' final results for the 2000 year
of account, an updated forecast for the 2001 year of account and a preliminary
forecast for the 2002 year of account.



Trading conditions



Amlin is continuing to experience strong trading conditions in all of its
principal lines of business.  The 2003 renewal season witnessed rate increases
in most classes albeit at a slower rate than in 2002.  Syndicate 2001 is
experiencing strong income flow with gross premiums (net of brokerage) to the
end of January 2003 up 45% at £275.6 million, compared to £190.0 million in the
same period in 2002.



Syndicate 2001



The result for the 2000 year of account and forecasts for the 2001 and 2002
years of account are as follows:


                                       Amlin             Result/ Current         Previous 
Year of              Capacity          Share             forecasts               forecasts
account              £m                %                 % to %                  % to %

2000                 423.4             55.8              (2.6)                   (4.0) to 1.0
2001                 574.5             69.6              (1.5) to 3.5            (4.0) to 1.0
2002                 800.0             72.3              11.0 to 16.0                     -



2000 year of account



The result for the 2000 year of account was a loss of 2.6% of capacity.
Underwriting conditions in most areas remained poor in 2000 and the year was
affected by the losses arising from the 11 September 2001 terrorist attacks.
Excluding the impact of these attacks the syndicate made a profit of 1.3% of
capacity.

The syndicate wrote £398.4 million of premium income in the 2000 year of
account.  Good positive results were achieved in the property reinsurance and UK
commercial motor accounts, while the large direct property insurance, US
casualty and the aviation accounts suffered losses.  The remaining accounts
operated at around break-even.



The direct property insurance and US casualty insurance accounts have been
repositioned and US casualty reserves for the 2000 and prior years have been
strengthened in the light of development over the course of 2002.  The aviation
account losses arose mainly from the 11 September terrorist attacks.



2001 year of account forecast



£581.4 million of gross premium income (net of brokerage) is currently forecast
for this year of account.  Improved trading conditions were experienced
throughout the year with material changes to pricing and terms after 11
September.  Approximately £140 million of gross premium income (net of
brokerage) is estimated to have been written after 11 September, including a
large proportion of the Syndicate's aviation account.  The year also benefited
from actions taken in 1999 and 2000 to address under-performing businesses and
to improve the organisational structure and operating efficiency of the
syndicate.



As previously reported, the 11 September 2001 losses fall mainly on this year of
account.  The forecast of 2001 year of account losses arising from this event
has improved marginally during the quarter with encouraging indications that
some major losses will settle below reserved figures.  The assumption continues
to be made that the destruction of the World Trade Centre itself was one
occurrence.



Excluding the effect of the 11 September losses, Syndicate 2001 is forecast to
make a profit of 14.6% of capacity in the 2001 year of account.



Preliminary 2002 year of account forecast



Syndicate 2001 continued to experience strong rating improvements during 2002
and is currently forecasting gross premium income for the 2002 year of account
(net of brokerage) of £836.7 million, up 44% on 2001 year of account income.
Loss experience to date has been low, with a gross incurred loss ratio at 31
December 2002 of 19.3%, compared to 46.4% for the 2001 year of account at the
same stage.  This is the lowest fourth quarter ratio for the last nine years.



The forecast has been made at an earlier stage than in prior years and a
considerable amount of business remains on risk.  However, if a 'normal' level
of loss development is experienced between now and the closure of the year of
account, Amlin would expect the result to be better than the mid-point of the
forecast range.



Discontinued syndicates



Syndicates 902 and 1141 ceased to trade in 2000.



The final result of Syndicate 902 for the 2000 year of account was a loss of
28.8%.   Syndicate 1141 made a final loss of 46.8% reflecting its exposure to US
casualty business where development during 2002 has required a strengthening of
reserves for business written from 1998 through 2000.





Charles Philipps, Chief Executive of Amlin, commented:



'Amlin is making solid progress.  The improving syndicate results reflect the
quality and hard work of our team, the better trading environment and the
benefit of positive changes made to improve performance.  We remain confident
about the outlook for our business'.





Enquiries:


Charles Philipps, Amlin plc                                      0207 746 1050
Richard Hextall, Amlin plc                                       0207 746 1054
David Haggie, Haggie Financial Limited                           0207 417 8989
                                                                 07768 332486




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