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Preliminary results for the year ended 31 December 2015

Preliminary results for the year ended 31 December 2015

07 Mar 2016

A strong financial performance combined with a strengthened market position

Highlights

  • Profit before tax of £252.3 million (2014: £258.7 million)
  • Return on equity of 13.2% (2014: 14.1%); return on net tangible assets of 15.6% (2014: 16.4%)
  • Growth in net written premium of 5.0% to £2,392.4 million (2014: £2,278.9 million), supported by growth in Reinsurance driven by an increase in non-catastrophe exposed business
  • Average renewal rate decrease of 4.0% at January 2016, with catastrophe rates down by an average of 8.8%
  • Combined ratio of 89% (2014: 89%), claims ratio improved to 54% (2014: 56%)
  • Completed our acquisition by MSI on 1 February 2016. We look forward to taking advantage of our combined increased product offering and geographical scale
  • Reorganisation of business into three global Strategic Business Units in 2014 delivered a further strengthening of our global presence and client focus in 2015. We continue to build on these strong foundations
  • Investment return of £107.4 million, equivalent to 2.4% on average investments (2014: £118.5 million, 2.7%) reflecting a good return in difficult market conditions
  • Net tangible assets per share of 314.8 pence per share (2014: 304.1 pence per share)

 

Charles Philipps, Chief Executive, commented as follows:

“This is a strong result in what are challenging market conditions. 2015 was also a year of excellent progress strategically, with the highlight being the announcement of our acquisition by MSI.

The market remains challenging, however the integration of MSI’s Lloyd’s business and MS Frontier into MS Amlin, which are both advancing according to plan, will strengthen our client propositions, our capabilities and our scale. Additionally, our combination with MSI offers many advantages and opportunities: increased solidity, synergies afforded by MSI’s global network, and a better ability to invest for the long term.”

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