Financial highlights

2015 Financial highlights1

  2015
£m
2014
£m
2013
£m
2012
£m
2011
£m
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)
Investment contribution 107.4 118.5 160.4 165.3 40.5
Other costs2  (101.9)  (105.8)  (117.8)  (108.2)  (88.3)
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 assets3 1,846.1 1,782.8 1,678.6 1,497.7 1,420.4
Net tangible assets3 1,581.7 1,519.2 1,439.5 1,286.3 1,201.5
Per share amounts (in pence)          
Earnings 47.2 47.4 60.0 50.1  (30.3)
Net assets3 367.4 356.8 336.7 302.5 287.2
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
Special dividend  - 15.0  -  -  -
Operating ratios5          
Claims ratio 54% 56% 52% 57% 78%
Expense ratio 35% 33% 34% 32% 30%
Combined ratio 89% 89% 86% 89% 108%

Note:

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.