2015 Financial highlights1
|Gross written premium||2,743.5||2,564.0||2,467.4||2,405.6||2,304.1|
|Net written premium||2,392.4||2,278.9||2,107.4||2,058.6||2,013.2|
|Net earned premium||2,172.8||2,183.4||2,077.4||1,970.5||1,927.4|
|Result attributable to underwriting||246.8||246.0||283.1||207.1||(146.0)|
|Result before tax||252.3||258.7||325.7||264.2||(193.8)|
|Return on equity||13.2%||14.1%||19.8%||17.4%||(8.6)%|
|Net tangible assets3||1,581.7||1,519.2||1,439.5||1,286.3||1,201.5|
|Per share amounts (in pence)|
|Net tangible assets3||314.8||304.1||288.7||259.8||243.0|
|Ordinary dividend under IFRS4||27.3||26.3||24.3||23.3||23.0|
|Ordinary dividends declared for the calendar year4||8.4||27.0||26.0||24.0||23.0|
1. The financial highlights are presented on the basis of management information provided to the MS Amlin Management Committee. The reconciliation between this information and the International Financial Reporting Standards (IFRSs) consolidated statement of profit or loss is included in note 3(c) to the consolidated financial statements.
2. Other costs comprise other non-underwriting expenses, finance costs, other operating income, share of profit or loss after tax of associates, gain on modification of defined benefit pension scheme in 2015 and the gain on revaluation of existing investment in 2014.
3. Following the increase in the Group’s interest in Leadenhall Capital Partners to 75% in 2014, net assets, net tangible assets and related per share amounts from 2014 exclude non-controlling interests.
4. All per-share dividends are the actual dividends for each share in issue at the time.
5. Claims ratio is net claims incurred divided by net earned premium for the year. Expense ratio is underwriting expense incurred, including expenses for the acquisition of insurance contracts, divided by net earned premium for the year. The expense ratio does not include expenses that have not been attributed to underwriting, including employee incentive costs and finance costs. Combined ratio is the total of the claims and expense ratios.