LONDON (dpa-AFX) - Insurer Amlin plc (AML.L) Monday reported a loss before tax for the full-year 2011 reflecting 'record' catastrophe losses mainly from outside U.S.
The company reported a loss before tax of 193.8 million pounds compared to a profit before tax of 259.2 million pounds last year. On a per-share basis, the company made a loss of 30.3 pence per share compared to earnings of 44.4 pence per share last year.
Net earned premiums increased to 1.927 billion pounds from 1.748 billion pounds from last year, but was largely offset by a sharp increase in net insurance claims to 1.499 billion pounds from 1.059 billion pounds last year.
Detailing the catastrophe losses, Amlin's Chairman Roger Taylor said, 'In total, earthquakes in New Zealand and Japan and severe weather related events, including US tornadoes and floods in Australia, Denmark and Thailand, cost Amlin £500.8 million on a net basis.'
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© 2012 AFX News
