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| FINANCIAL HIGHLIGHTS |
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| Excellent profit before tax of £121.6 million after the £74 million impact of 2004 windstorms |
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| Record Syndicate 2001 combined ratio at 82% |
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| Third consecutive year of return on equity in excess of 20% |
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| Average return on equity of 23% over last three years |
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| Dividend per share increased 220% to 8.0p |
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| Real net gearing reduced to nil at year end |
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| OPERATIONAL HIGHLIGHTS |
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| London market brokers confirm Amlin as the leading Lloyd’s business for financial strength and usage |
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| Moody’s upgrades Syndicate 2001 financial strength rating to A1 from A2 |
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| Turnover among senior underwriters was below 5% for fourth year in succession |
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| Continued progress in leading process change in the Lloyd’s market |
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| New vision set for 2009 |
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| OUTLOOK FOR 2005 |
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| 2005 expected to be another good year for earnings |
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| Record unearned premium reserve of £501 million carried forward to 2005 |
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| Good January renewal season – £267 million written by 28 February with average renewal rate reduction of only 3% |
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| Strong cashflow has increased potential for contribution from investments |
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