Interim Results 2013

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy

To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.

Enquiries:
Charles Philipps, Chief Executive, Amlin plc	0207 746 1000
Richard Hextall, Group Finance & Operations Director, Amlin plc	0207 746 1000
Analysts and Investors
Julianne Jessup, Head of Investor Relations, Amlin plc	0207 746 1961
Media
Ed Berry, FTI Consulting	0207 269 7297

	H1 2013 £m	H1 2012 £m	YE 2012 £m
Gross written premium	1,838.9	1,814.7	2,405.6
Net written premium	1,525.2	1,488.8	2,058.6
Net earned premium	1,058.8	987.7	1,970.5
Profit attributable to underwriting	158.2	153.5	207.1
Investment return	67.4	84.7	165.3
Other costs⁽²⁾	64.2	53.8	108.2
Profit before tax	161.4	184.4	264.2
Net assets	1,650.6	1,489.5	1,497.7
Net tangible assets	1,403.4	1,273.3	1,286.3
Per share amounts (in pence)
Earnings	28.2	34.1	50.1
Dividend under IFRS⁽³⁾	16.5	15.8	23.3
Dividends declared for the calendar period/year⁽³⁾	7.8	7.5	24.0
Net assets	330.7	301.0	302.5
Net tangible assets	281.2	257.3	259.8
Group operating ratios
Return on equity	9.3%	11.9%	17.4%
Claims ratio⁽⁴⁾	53%	53%	57%
Expense ratio⁽⁴⁾	32%	31%	32%
Combined ratio⁽⁴⁾	85%	84%	89%

	Gross written premium H1 2013 £m	Gross written premium H1 2012 £m	Average renewal rate change H1 2013 %	Average renewal rate change H1 2012 %	Average renewal retention ratio H1 2013 %	Average renewal retention ratio H1 2012 %
Amlin London⁽¹⁾	808.2	782.4	(0.4)	5.5	87	85
Reinsurance	368.5	379.3	(1.6)	9.3	88	87
Property & Casualty	218.7	178.8	1.4	3.9	86	85
Marine & Aviation	221.0	224.3	0.1	(0.1)	84	80
Amlin UK	212.6	227.0	3.5	5.5	88	84
Amlin Bermuda⁽¹⁾	281.6	256.0	(2.8)	8.6	85	91
Amlin Re Europe⁽¹⁾	171.8	155.8	2.6	2.1	90	89
Amlin Europe⁽¹⁾	364.7	393.5	0.1	(0.2)	90	85
Total/average	1,838.9	1,814.7	0.0	4.2	87	86

Rating indices in key Group classes	2004	2005	2006	2007	2008	2009	2010	2011	2012	H1 2013
Reinsurance
US catastrophe reinsurance	143	144	185	188	167	185	175	176	190	182
International catastrophe reinsurance	145	131	138	131	119	124	123	131	149	148
Property reinsurance	170	146	170	144	126	127	115	109	110	104
International Property & Casualty
Property insurance	143	136	165	143	133	142	141	144	153	157
US casualty	234	239	237	223	203	199	197	197	201	201
Marine & Aviation
Marine hull	183	189	191	192	192	205	208	209	209	210
Amlin Europe Marine						100	104	104	104	105
Offshore energy	170	175	262	243	209	256	247	262	262	257
War	220	206	191	175	160	156	153	153	149	148
Airline hull and liabilities	216	201	158	122	127	141	132	124	107	95
Commercial & Domestic
Fleet motor	141	137	135	134	137	144	148	159	175	188
UK employers' liability	159	144	135	123	115	114	115	114	119	126
UK professional indemnity	181	165	154	140	129	128	127	127	128	129
Property and commercial combined	126	126	117	110	109	107	106	112	113	115
Amlin Europe property						100	97	95	95	95
Amlin Europe liability						100	95	95	95	95
Amlin Europe fleet motor						100	99	99	99	99
Source: Amlin
Index = 100% at 31 December 2000. Bold indicates peak levels.

	Amlin London	Amlin UK	Amlin Bermuda	Amlin Re Europe	Amlin Europe	Intra Group/ Other	Total
Gross written premium (£m)	811.2	212.6	416.6	172.8	377.4	(151.7)	1,838.9
Net earned premium (£m)	362.5	144.6	271.7	83.7	203.3	(7.0)	1,058.8
Reserve releases (£m)	22.4	9.1	(1.0)	1.2	29.7	-	61.4
Profit attributable to underwriting (£m)	87.1	5.3	67.7	(1.9)	5.0	(5.0)	158.2
Combined ratio
Claims ratio	41%	58%	53%	74%	62%		53%
Expense ratio	35%	38%	22%	28%	36%		32%
Combined ratio H1 2013	76%	96%	75%	102%	98%		85%
Combined ratio H1 2012	83%	99%	58%	100%	98%		84%

	Average balance in H1 2013				Total assets at 31 Dec 2012 %	H1 2013 Actual return %	H1 2013 Benchmark return %
	Policyholder's assets £m	Capital assets £m	Total assets £m	%	Total assets at 31 Dec 2012 %	H1 2013 Actual return %	H1 2013 Benchmark return %
Bonds	2,237.4	1,077.5	3,314.9	74.1	62.7	0.5	0.5
Other liquid	535.4	112.8	648.2	14.5	27.0	0.2	0.2
Equities	4.9	326.4	331.3	7.4	6.7	13.1	10.1
Property	-	179.7	179.7	4.0	3.6	4.4	3.0
Total/average	2,777.7	1,696.4	4,474.1	100.0	100.0	1.4	1.2

	At 30 Jun 2013 £m	At 31 Dec 2012 £m
Net tangible assets	1,403.4	1,286.3
Subordinated debt	294.7	290.4
Undrawn bank facilities⁽¹⁾	300.0	180.0
Available capital	1,998.1	1,756.7
Assessed capital⁽²⁾	1,421.6	1,377.9
	576.5	378.8

	H1 2013 £m	H1 2012 £m
Net gains on underwriting transactions and translation of underwriting assets and liabilities at closing rates	16.8	4.2
Underwriting exchange gains	16.8	4.2
Gains on long term US dollar borrowings	-	0.7
Net (losses)/gains on non-underwriting transactions and translation of non-underwriting assets and liabilities at closing rates	(3.1)	0.3
Non-underwriting exchange (losses)/gains	(3.1)	1.0
Total foreign exchange gain in consolidated statement of profit or loss	13.7	5.2

			Restated	Restated
	Note	6 months 2013 (Unaudited) £m	6 months 2012 (Unaudited) £m	12 months 2012 (Audited) £m
Gross earned premium	6	1,227.9	1,172.1	2,319.0
Reinsurance premium ceded	6	(166.4)	(181.8)	(332.6)
Net earned premium	6	1,061.5	990.3	1,986.4

Investment return	7	64.7	82.1	149.4
Other operating income		1.9	2.3	5.6
Total income		1,128.1	1,074.7	2,141.4

Insurance claims and claims settlement expenses	8	(607.5)	(540.9)	(1,197.3)
Insurance claims and claims settlement expenses recoverable from reinsurers	8	43.7	18.3	72.7
Net insurance claims	8	(563.8)	(522.6)	(1,124.6)

Expenses for the acquisition of insurance contracts		(233.2)	(211.7)	(422.5)
Other operating expenses	9	(156.0)	(143.2)	(303.0)
Total expenses		(389.2)	(354.9)	(725.5)

Results of operating activities		175.1	197.2	291.3
Finance costs		(14.7)	(13.2)	(27.6)
Share of profit or loss after tax of associates		1.0	0.4	0.5
Profit before tax		161.4	184.4	264.2
Tax	10	(21.2)	(15.5)	(16.4)
Profit for the period/year		140.2	168.9	247.8

Attributable to:
Equity holders of the Parent Company		140.2	168.8	247.8
Non-controlling interests		-	0.1	-
		140.2	168.9	247.8

Earnings per share from continuing operations attributable to equity holders of the Parent Company
Basic	14	28.2p	34.1p	50.1p
Diluted	14	27.7p	33.7p	49.5p

		Attributable to owners of the Parent Company
	Note	Share capital £m	Share premium £m	Other reserves £m	Treasury shares £m	Retained earnings £m	Total £m	Non-controlling interests £m	Total £m
At 1 January 2013		141.2	300.4	121.6	(20.8)	954.7	1,497.1	0.6	1,497.7
Total comprehensive income for the period		-	-	83.9	-	140.2	224.1	-	224.1
Employee share option schemes:
- share-based payment reserve		-	-	(3.0)	3.7	-	0.7	-	0.7
- proceeds from shares issued	13	-	-	-	1.0	(0.7)	0.3	-	0.3
Dividends paid	16	-	-	-	-	(82.4)	(82.4)	(0.1)	(82.5)
Tax relating to share option schemes		-	-	(1.3)	-	-	(1.3)	-	(1.3)
Issue of new shares	13	0.8	10.8	-	-	-	11.6	-	11.6
Transactions with the owners of the Group for the period		0.8	10.8	(4.3)	4.7	(83.1)	(71.1)	(0.1)	(71.2)
At 30 June 2013		142.0	311.2	201.2	(16.1)	1,011.8	1,650.1	0.5	1,650.6

			Restated	Restated
Assets	Note	30 June 2013 (Unaudited) £m	30 June 2012 (Unaudited) £m	31 December 2012 (Audited) £m
Cash and cash equivalents		196.1	243.0	190.6
Financial assets	11	4,282.0	3,997.6	4,205.0
Reinsurance assets
- reinsurers' share of outstanding claims		466.3	532.6	478.6
- reinsurers' share of unearned premium		179.7	170.3	46.8
Loans and receivables, including insurance and reinsurance receivables
- insurance and reinsurance receivables		1,497.1	1,381.0	1,003.2
- other loans and receivables		94.0	162.2	82.2
Deferred acquisition costs		365.6	328.4	239.3
Current income tax assets		11.3	1.0	12.3
Deferred tax assets		15.4	21.6	15.8
Property and equipment		20.6	18.1	20.4
Goodwill and intangible assets	12	247.2	216.2	211.4
Investment in associates		10.5	8.7	9.3
Total assets		7,385.8	7,080.7	6,514.9
Equity and reserves
Share capital	13	142.0	141.2	141.2
Share premium		311.2	300.3	300.4
Other reserves	15	201.2	154.8	121.6
Treasury shares		(16.1)	(21.7)	(20.8)
Retained earnings		1,011.8	914.2	954.7
Equity attributable to equity holders of the Parent Company		1,650.1	1,488.8	1,497.1
Non-controlling interests		0.5	0.7	0.6
Total equity and reserves		1,650.6	1,489.5	1,497.7
Liabilities
Insurance liabilities
- outstanding claims		3,183.5	3,117.1	3,083.5
- unearned premium		1,693.6	1,623.6	1,054.8
Other payables, including insurance and reinsurance payables
- insurance and reinsurance payables		324.0	193.0	275.0
- other payables		133.0	212.8	118.6
Financial liabilities	11	13.1	7.8	5.7
Current income tax liabilities		1.6	5.3	0.4
Borrowings	17	295.4	363.8	410.4
Retirement benefit obligations		36.2	31.2	40.9
Deferred tax liabilities		54.8	36.6	27.9
Total liabilities		5,735.2	5,591.2	5,017.2
Total equity, reserves and liabilities		7,385.8	7,080.7	6,514.9

			Restated
	Note	6 months 2013 (Unaudited) £m	6 months 2012 (Unaudited) £m	12 months 2012 (Audited) £m
Cash flows from operating activities
Cash generated from/(utilised in) operations	20	196.0	(26.0)	(74.2)
Interest received		17.2	21.8	37.2
Dividends received		8.4	5.7	11.3
Income taxes received/(paid)		0.1	2.3	(12.1)
Net cash inflows/(outflows) from operating activities		221.7	3.8	(37.8)
Cash flows from investing activities
Acquisition through business combination, net of cash acquired		(8.8)	-	-
Deferred payment for acquired subsidiary		(0.2)	-	(0.1)
Investment in associates		-	-	(0.5)
Purchase of property and equipment		(1.3)	(1.1)	(6.5)
Purchase and development of intangible assets		(1.2)	(2.9)	(2.2)
Net cash outflows from investing activities		(11.5)	(4.0)	(9.3)
Cash flows from financing activities
Net proceeds from issue of ordinary shares, including treasury shares		11.9	0.2	0.9
Dividends paid to shareholders	16	(82.4)	(78.2)	(115.3)
Dividends paid to non-controlling interests	16	(0.1)	(0.1)	(0.1)
Interest paid		(4.5)	(3.1)	(21.9)
Purchase of ESOT and treasury shares		(1.8)	-	-
Net (repayment)/drawdown of revolving credit facility		(128.3)	71.2	122.8
Net cash outflows from financing activities		(205.2)	(10.0)	(13.6)
Net increase/(decrease) in cash and cash equivalents		5.0	(10.2)	(60.7)
Cash and cash equivalents at beginning of year		190.6	256.3	256.3
Effect of exchange rate changes on cash and cash equivalents		0.5	(3.1)	(5.0)
Cash and cash equivalents at end of period/year		196.1	243.0	190.6

Consolidated statement of profit or loss	As reported 6 months 2012 £m	IAS 19 (revised)	IFRS 10	Restated 6 months 2012 £m
Other operating expenses	(142.9)	(0.1)	(0.2)	(143.2)
Total expenses	(354.6)	(0.1)	(0.2)	(354.9)
Results of operating activities	197.5	(0.1)	(0.2)	197.2
Finance costs	(13.4)	-	0.2	(13.2)
Profit before tax	184.5	(0.1)	-	184.4
Profit for the period	169.0	(0.1)	-	168.9

Attributable to:
Equity holders of the Parent Company	168.9	(0.1)	-	168.8
Non-controlling interests	0.1	-	-	0.1
	169.0	(0.1)	-	168.9
Earnings per share from continuing operations attributable to equity holders of the Parent Company
Basic	34.1p	-	-	34.1p
Diluted	33.7p	-	-	33.7p

Consolidated statement of other comprehensive income	As reported 6 months 2012 £m	IAS 19 (revised)	Restated 6 months 2012 £m
Profit for the period	169.0	(0.1)	168.9

Items that will not be reclassified to profit or loss
Defined benefit pension fund losses	(1.1)	(0.1)	(1.2)
Income tax relating to items not reclassified	0.3	-	0.3
	(0.8)	(0.1)	(0.9)
Other comprehensive expense for the period, net of tax	(23.7)	(0.1)	(23.8)
Total comprehensive income for the period	145.3	(0.2)	145.1

Attributable to:
Equity holders of the Parent Company	145.2	(0.2)	145.0
Non-controlling interests	0.1	-	0.1
	145.3	(0.2)	145.1

Consolidated statement of financial position	As reported 30 June 2012 £m	IAS 19 (revised)	IFRS 10	Restated 30 June 2012 £m
Cash and cash equivalents	247.0	-	(4.0)	243.0
Financial investments	4,089.1	-	(91.5)	3,997.6
Loans and receivables, including insurance and reinsurance receivables
- insurance and reinsurance receivables	1,381.2	-	(0.2)	1,381.0
- other loans and receivables	161.0	-	1.2	162.2
Total assets	7,175.2	-	(94.5)	7,080.7
Other reserves	152.4	2.4	-	154.8
Retained earnings	916.8	(2.6)	-	914.2
Equity attributable to equity holders of the Parent Company	1,489.0	(0.2)	-	1,488.8
Total equity and reserves	1,489.7	(0.2)	-	1,489.5
Other payables, including insurance and reinsurance payables
- other payables	212.9	-	(0.1)	212.8
Borrowings	458.2	-	(94.4)	363.8
Retirement benefit obligations	31.0	0.2	-	31.2
Total liabilities	5,685.5	0.2	(94.5)	5,591.2
Total equity, reserves and liabilities	7,175.2	-	(94.5)	7,080.7

	£m
Initial cash consideration	28.3
Deferred cash consideration	4.8
Fair value of contingent consideration	-
Total purchase consideration	33.1
Fair value of assets acquired (see below)	19.5
Goodwill	13.6

	Gross written premium
	H1 £m	H1 %	H2 £m	H2 %	Full year £m	Full year %
2009⁽²⁾	950.1	72.0	368.6	28.0	1,318.7	100.0
2010	1,486.2	68.4	686.3	31.6	2,172.5	100.0
2011	1,514.6	65.7	789.5	34.3	2,304.1	100.0
2012	1,814.7	75.4	590.9	24.6	2,405.6	100.0
2013	1,838.9	n/a	n/a	n/a	n/a	n/a

	6 months 2013 £m	6 months 2012 £m	12 months 2012 £m
Investment income
- dividend income	8.4	5.7	11.3
- interest income	14.2	16.4	31.1
- cash and cash equivalents interest income	1.2	2.8	5.6
	23.8	24.9	48.0
Net realised gains/(losses)
on assets held for trading
- equity securities	14.6	4.2	7.0
- debt securities⁽¹⁾	29.1	11.2	28.4
- property funds	3.9	0.7	(0.1)
- derivative instruments⁽³⁾	1.9	1.2	(22.8)
on assets classified as other than trading
- participation in investment pools	1.1	1.7	3.3
	50.6	19.0	15.8
Net unrealised gains/(losses)
on assets held for trading
- equity securities	21.7	4.7	11.5
- debt securities⁽²⁾	(33.0)	36.8	77.7
- property funds	(1.7)	3.2	(2.7)
- derivative instruments⁽⁴⁾	1.6	(6.5)	(0.9)
on assets classified as other than trading
- other	1.7	-	-
	(9.7)	38.2	85.6
	64.7	82.1	149.4

		Restated
	6 months 2013 £m	6 months 2012 £m	12 months 2012 £m
Expenses relating to underwriting
Employee expenses, excluding employee incentives	67.2	58.3	115.3
Lloyd's expenses	11.4	11.2	19.3
Other administrative expenses	41.8	34.6	71.2
Underwriting exchange (gains)/losses	(16.8)	(4.2)	10.5
	103.6	99.9	216.3
Other expenses
Employee expenses, excluding employee incentives	9.8	7.6	13.9
Employee incentive and related social security costs	21.6	14.1	34.8
Asset management fees	8.8	2.7	6.4
Other administrative expenses	9.1	7.1	18.8
Amlin Europe N.V. disentanglement and integration costs	-	12.8	20.6
Non-underwriting exchange losses/(gains)	3.1	(1.0)	(7.8)
	52.4	43.3	86.7
	156.0	143.2	303.0

Consolidated statement of profit or loss	As reported 12 months 2012 £m		IAS 19 (revised)	Restated 12 months 2012 £m
Profit before tax	264.2		-	264.2
Tax	(16.5)		0.1	(16.4)
Profit for the year	247.7		0.1	247.8

Attributable to:
Equity holders of the Parent Company	247.7		0.1	247.8
Non-controlling interests	-		-	-
	247.7		0.1	247.8
Earnings per share from continuing operations attributable to equity holders of the Parent Company
Basic		50.0p	0.1p	50.1p
Diluted		49.4p	0.1p	49.5p
Consolidated statement of other comprehensive income	As reported 12 months 2012 £m		IAS 19 (revised)	Restated 12 months 2012 £m
Profit for the year	247.7		0.1	247.8

Items that will not be reclassified to profit or loss
Defined benefit pension fund losses	(17.5)		8.0	(9.5)
Income tax relating to items not reclassified	3.4		(1.8)	1.6
	(14.1)		6.2	(7.9)
Other comprehensive expense for the year, net of tax	(66.7)		6.2	(60.5)
Total comprehensive income for the year	181.0		6.3	187.3

Attributable to:
Equity holders of the Parent Company	181.0		6.3	187.3
Non-controlling interests	-		-	-
	181.0		6.3	187.3

Consolidated statement of financial position	As reported 31 December 2012 £m	IAS 19 (revised)	Restated 31 December 2012 £m
Deferred tax assets	17.5	(1.7)	15.8
Total assets	6,516.6	(1.7)	6,514.9
Other reserves	112.9	8.7	121.6
Retained earnings	957.1	(2.4)	954.7
Equity attributable to equity holders of the Parent Company	1,490.8	6.3	1,497.1
Total equity and reserves	1,491.4	6.3	1,497.7
Retirement benefit obligations	48.9	(8.0)	40.9
Total liabilities	5,025.2	(8.0)	5,017.2
Total equity, reserves and liabilities	6,516.6	(1.7)	6,514.9

	Acquiree's carrying amount £m	Fair value and accounting policy adjustments £m	Fair value £m
Cash and cash equivalents	19.5	-	19.5
Financial assets	0.1	-	0.1
Loans and receivables, including insurance and reinsurance receivables
- insurance and reinsurance receivables	18.5	-	18.5
- other loans and receivables	3.8	-	3.8
Property and equipment	2.1	0.3	2.4
Goodwill and intangible assets	0.1	22.3	22.4
Total assets	44.1	22.6	66.7
Other payables, including insurance and reinsurance payables
- insurance and reinsurance payables	28.3	0.1	28.4
- other payables	11.7	0.5	12.2
Borrowings	0.7	-	0.7
Deferred tax liabilities	0.2	5.7	5.9
Total liabilities	40.9	6.3	47.2
Net assets acquired	3.2	16.3	19.5

Income and expenses by business segment Six months ended 30 June 2013	Amlin London £m	Amlin UK £m	Amlin Bermuda £m	Amlin Re Europe £m	Amlin Europe £m	Other corporate companies £m	Intra group items £m	Total £m
Analysed by geographic segment
UK	165.3	145.6	165.1	15.2	12.6	-	(150.0)	353.8
North America	446.5	10.8	160.2	0.8	-	-	-	618.3
Europe	59.4	17.0	35.1	146.7	230.2	-	(1.7)	486.7
Worldwide	7.4	34.0	1.4	-	134.6	-	-	177.4
Other	132.6	5.2	54.8	10.1	-	-	-	202.7
Gross written premium	811.2	212.6	416.6	172.8	377.4	-	(151.7)	1,838.9
Net written premium	531.5	171.5	368.6	138.7	320.1	-	(5.2)	1,525.2

Gross earned premium	538.9	173.5	289.8	104.4	235.3	-	(114.0)	1,227.9
Reinsurance premium ceded	(176.4)	(28.9)	(18.1)	(20.7)	(32.0)	-	107.0	(169.1)
Net earned premium	362.5	144.6	271.7	83.7	203.3	-	(7.0)	1,058.8
Insurance claims and claims settlement expenses	(226.3)	(105.1)	(144.5)	(72.6)	(138.4)	-	79.4	(607.5)
Insurance claims and claims settlement expenses recoverable from reinsurers	76.5	21.4	1.4	10.7	13.5	-	(79.8)	43.7
Expenses for the acquisition of insurance contracts	(107.5)	(38.5)	(43.6)	(16.4)	(30.3)	-	3.1	(233.2)
Underwriting expenses	(18.1)	(17.1)	(17.3)	(7.3)	(43.1)	(0.1)	(0.6)	(103.6)
Profit attributable to underwriting	87.1	5.3	67.7	(1.9)	5.0	(0.1)	(4.9)	158.2
Investment return	1.8	2.5	23.1	0.1	15.5	26.8	(2.4)	67.4
Other operating income⁽¹⁾	14.2	5.2	0.6	-	0.3	2.9	(21.3)	1.9
Agency expenses⁽²⁾	(12.9)	(4.7)	-	-	(0.1)	-	17.7	-
Other non-underwriting expenses	(1.2)	(0.7)	(6.3)	(1.9)	(5.8)	(38.1)	1.6	(52.4)
Result of operating activities	89.0	7.6	85.1	(3.7)	14.9	(8.5)	(9.3)	175.1
Finance costs⁽³⁾								(14.7)
Share of profit or loss after tax of associates								1.0
Profit before tax								161.4
Claims ratio	41%	58%	53%	74%	62%			53%
Expense ratio	35%	38%	22%	28%	36%			32%
Combined ratio	76%	96%	75%	102%	98%			85%

Restated Income and expenses by business segment Six months ended 30 June 2012	Amlin London £m	Amlin UK £m	Amlin Bermuda £m	Amlin Re Europe £m	Amlin Europe £m	Other corporate companies £m	Intra group items £m	Total £m
Analysed by geographic segment
UK	127.5	196.8	167.7	12.0	9.4	-	(144.3)	369.1
North America	457.9	3.9	148.2	0.5	-	-	-	610.5
Europe	53.2	11.8	26.2	134.4	223.2	-	(2.9)	445.9
Worldwide	7.8	12.6	0.3	-	165.7	-	-	186.4
Other	136.0	1.9	55.0	9.9	-	-	-	202.8
Gross written premium	782.4	227.0	397.4	156.8	398.3	-	(147.2)	1,814.7
Net written premium	519.1	180.0	342.8	125.6	328.6	-	(7.3)	1,488.8

Gross earned premium	516.3	171.6	261.0	71.1	248.1	-	(96.0)	1,172.1
Reinsurance premium ceded	(164.3)	(30.8)	(27.9)	(12.5)	(39.2)	-	90.3	(184.4)
Net earned premium	352.0	140.8	233.1	58.6	208.9	-	(5.7)	987.7
Insurance claims and claims settlement expenses	(216.0)	(109.7)	(91.4)	(49.4)	(130.5)	-	56.1	(540.9)
Insurance claims and claims settlement expenses recoverable from reinsurers	48.3	23.8	(0.2)	5.6	1.8	-	(61.0)	18.3
Expenses for the acquisition of insurance contracts	(97.0)	(37.1)	(35.5)	(9.1)	(35.6)	-	2.6	(211.7)
Underwriting expenses	(29.6)	(16.5)	(9.1)	(5.5)	(40.1)	(0.1)	1.0	(99.9)
Profit attributable to underwriting	57.7	1.3	96.9	0.2	4.5	(0.1)	(7.0)	153.5
Investment return	11.2	3.2	28.9	0.2	31.8	14.3	(4.9)	84.7
Other operating income⁽¹⁾	12.8	4.4	0.7	-	0.8	4.9	(21.3)	2.3
Agency expenses⁽²⁾	(11.1)	(3.8)	-	-	(0.5)	-	15.4	-
Other non-underwriting expenses	(0.4)	(0.1)	(2.8)	(1.1)	(13.2)	(37.7)	12.0	(43.3)
Result of operating activities	70.2	5.0	123.7	(0.7)	23.4	(18.6)	(5.8)	197.2
Finance costs⁽³⁾								(13.2)
Share of profit or loss after tax of associates								0.4
Profit before tax								184.4
Claims ratio	47%	61%	39%	75%	61%			53%
Expense ratio	36%	38%	19%	25%	37%			31%
Combined ratio	83%	99%	58%	100%	98%			84%

	Six months ended 30 June 2013
Consolidated statement of profit or loss	Management information £m	Reconciling items £m	IFRS Consolidated statement of profit or loss £m
Gross written premium	1,838.9	-	1,838.9
Net written premium	1,525.2	15.6	1,540.8

Gross earned premium	1,227.9	-	1,227.9
Reinsurance premium ceded	(169.1)	2.7	(166.4)
Net earned premium	1,058.8	2.7	1,061.5
Insurance claims and claims settlement expenses	(607.5)	-	(607.5)
Insurance claims and claims settlement expenses recoverable from reinsurers	43.7	-	43.7
Expenses for the acquisition of insurance contracts	(233.2)	-	(233.2)
Underwriting expenses	(103.6)	-	(103.6)
Profit attributable to underwriting	158.2	2.7	160.9
Investment return	67.4	(2.7)	64.7
Other operating income	1.9	-	1.9
Other non-underwriting expenses	(52.4)	-	(52.4)
Result of operating activities	175.1	-	175.1
Finance costs	(14.7)	-	(14.7)
Share of profit or loss after tax of associates	1.0	-	1.0
Profit before tax	161.4	-	161.4

	Restated
	Six months ended 30 June 2012			Year ended 31 December 2012
	Management information £m	Reconciling items £m	IFRS Consolidated statement of profit or loss £m	Management information £m	Reconciling items £m	IFRS Consolidated statement of profit or loss £m
Gross written premium	1,814.7	-	1,814.7	2,405.6	-	2,405.6
Net written premium	1,488.8	16.7	1,505.5	2,058.6	15.9	2,074.5

Gross earned premium	1,172.1	-	1,172.1	2,319.0	-	2,319.0
Reinsurance premium ceded	(184.4)	2.6	(181.8)	(348.5)	15.9	(332.6)
Net earned premium	987.7	2.6	990.3	1,970.5	15.9	1,986.4
Insurance claims and claims settlement expenses	(540.9)	-	(540.9)	(1,197.3)	-	(1,197.3)
Insurance claims and claims settlement expenses recoverable from reinsurers	18.3	-	18.3	72.7	-	72.7
Expenses for the acquisition of insurance contracts	(211.7)	-	(211.7)	(422.5)	-	(422.5)
Underwriting expenses	(99.9)	-	(99.9)	(216.3)	-	(216.3)
Profit attributable to underwriting	153.5	2.6	156.1	207.1	15.9	223.0
Investment return	84.7	(2.6)	82.1	165.3	(15.9)	149.4
Other operating income	2.3	-	2.3	5.6	-	5.6
Other non-underwriting expenses	(43.3)	-	(43.3)	(86.7)	-	(86.7)
Result of operating activities	197.2	-	197.2	291.3	-	291.3
Finance costs	(13.2)	-	(13.2)	(27.6)	-	(27.6)
Share of profit or loss after tax of associates	0.4	-	0.4	0.5	-	0.5
Profit before tax	184.4	-	184.4	264.2	-	264.2

		Restated
Net financial investments	30 June 2013 £m	30 June 2012 £m	31 December 2012 £m
Assets
Financial assets held for trading at fair value through profit or loss
Shares and other variable yield securities	325.4	213.9	279.3
Debt and other fixed income securities	3,077.8	2,645.1	2,717.4
Property funds	179.8	133.6	153.6
Derivative instruments	23.0	12.7	6.8
Other financial assets at fair value through profit or loss
Participation in investment pools	618.8	872.1	997.1
Deposits with credit institutions	43.7	110.6	42.9
Other	2.9	2.1	1.2
Available-for-sale financial assets
Unlisted equities	6.7	4.2	4.7
Other
Derivative instruments in designated hedge accounting relationships	3.9	3.3	2.0
Total financial assets	4,282.0	3,997.6	4,205.0

Liabilities
Financial liabilities held for trading at fair value through profit or loss
Derivative instruments	(7.1)	(4.2)	(5.0)
Other
Derivative instruments in designated hedge accounting relationships	(6.0)	(3.6)	(0.7)
Total financial liabilities	(13.1)	(7.8)	(5.7)
Net financial assets	4,268.9	3,989.8	4,199.3

						Restated
	30 June 2013					30 June 2012			31 December 2012
Asset allocation	Underwriting assets £m	Capital assets £m	Total assets £m	%	Total assets £m		%	Total assets £m		%
Type of asset
Bonds	2,008.8	854.6	2,863.4	66.5	2,653.2		64.8	2,663.6		62.7
Other liquid investments	605.2	327.5	932.7	21.7	1,091.5		26.6	1,148.8		27.0
Global equities	6.0	326.1	332.1	7.7	218.7		5.3	283.6		6.7
Property funds	-	179.8	179.8	4.1	133.6		3.3	153.6		3.6
	2,620.0	1,688.0	4,308.0	100.0	4,097.0		100.0	4,249.6		100.0
Type of bond
Government securities	384.2	198.3	582.5	20.3	646.9		24.4	703.5		26.4
Government agencies/guaranteed⁽¹⁾	56.2	2.6	58.8	2.1	99.4		3.7	94.8		3.6
Supranational	2.8	0.7	3.5	0.1	18.2		0.7	11.7		0.4
Asset backed securities	53.4	13.6	67.0	2.3	46.1		1.8	55.1		2.1
Mortgage backed securities	88.1	60.8	148.9	5.2	213.0		8.0	178.3		6.7
Corporate bonds	171.0	88.6	259.6	9.1	268.6		10.1	250.8		9.4
Pooled vehicles⁽²⁾	1,247.8	490.0	1,737.8	60.7	1,356.8		51.1	1,364.8		51.2
Insurance linked securities	5.3	-	5.3	0.2	4.2		0.2	4.6		0.2
	2,008.8	854.6	2,863.4	100.0	2,653.2		100.0	2,663.6		100.0
Assets by region (excluding pooled vehicles)
UK	174.3	162.2	336.5	13.1	370.8		13.5	379.5		13.1
US and Canada	584.5	513.4	1,097.9	42.7	1,125.5		41.1	1,326.4		46.0
Europe (excluding UK)	449.0	404.4	853.4	33.2	976.6		35.6	749.2		26.0
Far East	145.5	93.7	239.2	9.3	226.8		8.3	386.4		13.4
Emerging markets	13.8	23.2	37.0	1.4	40.5		1.5	37.6		1.3
South America	5.1	1.1	6.2	0.3	-		-	5.7		0.2
	1,372.2	1,198.0	2,570.2	100.0	2,740.2		100.0	2,884.8		100.0

Credit rating⁽³⁾	30 June 2013 £m	30 June 2012 £m	31 December 2012 £m
AAA	828.8	982.8	950.1
AA	1,636.2	1,231.0	927.6
A	197.3	293.0	494.9
BBB	118.3	49.2	153.0
Other (below BBB and non-rated)	82.8	97.2	138.0
Total	2,863.4	2,653.2	2,663.6

Consolidated statement of changes in equity

Consolidated statement of financial position

Consolidated statement of cash flows

Notes to the interim financial statements

1. Basis of preparation of interim financial statements

2. Accounting policies

i. Accounting policies applied in condensed consolidated interim financial statements

2. Accounting policies continued

2. Accounting policies continued

2. Accounting policies continued

4. Significant events and transactions in the period

5. Seasonality of interim operations

6. Segmental reporting

6. Segmental reporting continued

6. Segmental reporting continued

6. Segmental reporting continued

6. Segmental reporting continued

7. Investment return

8. Net insurance claims

9. Other operating expenses

10. Tax

11. Financial assets and financial liabilities

11. Financial assets and financial liabilities continued

11. Financial assets and financial liabilities continued

11. Financial assets and financial liabilities continued

11. Financial assets and financial liabilities continued

12. Goodwill and intangible assets

13. Share capital

14. Earnings and net assets per share

15. Other comprehensive income

16. Dividends

17. Borrowings

18. Principal exchange rates

19. Contingent liabilities

20. Cash flows from operations

21. Related party transactions

22. Events after the reporting period

Responsibility statement

Independent review report to Amlin plc

For the six months ended 30 June 2013

Introduction

Directors' responsibilities

Our responsibility

Scope of review

Conclusion

Information for shareholders

Financial calendar

2013

2014

Shareholder enquiries, register and website

Directors

Audit Committee

Risk and Solvency Committee

Remuneration Committee

Nomination Committee

Secretary

Registered Office

Independent Auditors

Investment Bankers

Joint Stockbrokers

Corporate Lawyers

Principal Bankers

Registrar

Companies

UK 100

Latest directors dealings

	Fair value hierarchy
	Level 1 £m	Level 2 £m	Level 3 £m	Total 30 June 2013 £m
Assets
Financial assets held for trading at fair value through profit or loss
Shares and other variable yield securities	326.1	-	-	326.1
Debt and other fixed income securities	2,487.1	591.3	4.4	3,082.8
Property funds	-	-	179.8	179.8
Derivative instruments	-	17.5	5.5	23.0
Other financial assets at fair value through profit or loss
Participation in investment pools	618.8	-	-	618.8
Deposits with credit institutions	43.7	-	-	43.7
Other	0.8	-	2.1	2.9
Available-for-sale financial assets
Unlisted equities	-	-	6.7	6.7
Other
Derivative instruments in designated hedge accounting relationships	-	3.9	-	3.9
Total assets	3,476.5	612.7	198.5	4,287.7

Liabilities
Financial liabilities held for trading at fair value through profit or loss
Derivative instruments	-	(7.1)	-	(7.1)
Other
Derivative instruments in designated hedge accounting relationships	-	(6.0)	-	(6.0)
Total liabilities	-	(13.1)	-	(13.1)

Net financial assets	3,476.5	599.6	198.5	4,274.6

Assets shown separately in the notes to the accounts
Accrued Income				(5.7)
Net financial investments				4,268.9

	Debt and other fixed income securities £m	Property funds £m	Derivative instruments £m	Other £m	Unlisted equities £m	Total £m
At 1 January 2013	12.2	153.6	-	0.6	4.7	171.1
Total net gains/(losses) recognised in investment return in profit or loss	0.2	2.5	(2.7)	1.7	-	1.7
Sales	(3.1)	(17.2)	-	-	-	(20.3)
Purchases	-	35.5	-	-	2.0	37.5
Settlements	(0.5)	(1.6)	8.2	(0.2)	-	5.9
Transfer into Level 3	0.6	-	-	-	-	0.6
Transfer out of Level 3	(5.0)	-	-	-	-	(5.0)
Foreign exchange gains	-	7.0	-	-	-	7.0
At 30 June 2013	4.4	179.8	5.5	2.1	6.7	198.5
Total unrealised gains or losses for the period recognised in investment return in profit or loss for assets and liabilities held at the end of the reporting period						1.1

	Goodwill £m	Syndicate participations £m	Broker and customer relationships £m	Computer software £m	Other intangibles £m	Total £m
Net book value
At 1 January 2012	76.6	63.2	35.7	42.6	0.8	218.9
Additions	-	-	-	2.9	-	2.9
Amortisation	-	-	(2.1)	(0.4)	(0.3)	(2.8)
Foreign exchange losses	(1.6)	-	(0.8)	(0.4)	-	(2.8)
At 30 June 2012	75.0	63.2	32.8	44.7	0.5	216.2
(Disposals)/additions	-	-	-	(1.0)	0.4	(0.6)
Adjustments to prior acquisitions	(0.2)	-	-	-	-	(0.2)
Amortisation	-	-	(2.1)	(2.2)	(0.2)	(4.5)
Foreign exchange gains	0.3	-	0.1	0.1	-	0.5
At 31 December 2012	75.1	63.2	30.8	41.6	0.7	211.4
Additions	-	-	-	1.2	-	1.2
Acquisition through business combinations	13.6	-	22.4	-	-	36.0
Amortisation	-	-	(2.7)	(2.2)	(0.4)	(5.3)
Foreign exchange gains	2.3	-	0.9	0.7	-	3.9
At 30 June 2013	91.0	63.2	51.4	41.3	0.3	247.2

	Number	£m
Allotted, called up and fully paid ordinary shares
At 1 January 2012 issued ordinary shares of 28.125 pence each	502,076,006	141.2
At 30 June 2012 and 31 December 2012 issued ordinary shares of 28.125 pence each	502,076,006	141.2
Ordinary shares of 28.125 pence each issued in the period	2,723,353	0.8
At 30 June 2013 issued ordinary shares of 28.125 pence each	504,799,359	142.0

		Restated	Restated
	6 months 2013	6 months 2012	12 months 2012
Profit attributable to equity holders of the Parent Company	£140.2m	£168.8m	£247.8m
Weighted average number of shares in issue	497.5m	494.7m	494.8m
Dilutive shares	7.8m	6.7m	6.0m
Adjusted average number of shares in issue	505.3m	501.4m	500.8m
Basic earnings per share	28.2p	34.1p	50.1p
Diluted earnings per share	27.7p	33.7p	49.5p

		Restated	Restated
Net assets and tangible net assets per share are as follows:	30 June 2013	30 June 2012	31 December 2012
Net assets	£1,650.6m	£1,489.5m	£1,497.7m
Adjustments for goodwill and intangible assets	(£247.2m)	(£216.2m)	(£211.4m)
Tangible net assets	£1,403.4m	£1,273.3m	£1,286.3m

Number of shares in issue at end of period/year	504.8m	502.1m	502.1m
Adjustment for ESOT and treasury shares	(5.7m)	(7.3m)	(7.0m)
Basic number of shares after ESOT and treasury shares adjustment	499.1m	494.8m	495.1m

Basic net assets per share	330.7p	301.0p	302.5p
Basic tangible net assets per share	281.2p	257.3p	259.8p

Group	6 months 2013 £m	6 months 2012 £m	12 months 2012 £m
Final dividend for the year ended:
- 31 December 2012 of 16.5 pence per ordinary share	82.4	-	-
- 31 December 2011 of 15.8 pence per ordinary share	-	78.2	78.2
- 31 December 2011 of Amlin Plus Limited to non-controlling interests	-	0.1	0.1
Interim dividend for the year ended:
- 31 December 2012 of Amlin Plus Limited to non-controlling interests	0.1	-	-
- 31 December 2012 of 7.5 pence per ordinary share	-	-	37.1
	82.5	78.3	115.4

	6 months 2013 Average rate	At 30 June 2013	6 months 2012 Average rate	At 30 June 2012	12 months 2012 Average rate	At 31 December 2012
US dollar	1.54	1.52	1.58	1.57	1.59	1.62
Canadian dollar	1.57	1.60	1.59	1.60	1.58	1.61
Euro	1.18	1.17	1.22	1.24	1.23	1.23
New Zealand dollar	1.86	1.97	1.96	1.96	1.96	1.97
Japanese yen	147.40	150.83	125.74	125.32	126.55	140.78