Lloyd’s underwriting group Amlin has reported further interim profits as the company continues to look to make the most of current market conditions.

The company reported a pre-tax profit of £120.1 million which although down 13 percent on last year’s interim figures, the company said the fall was due to lower investment returns and the fact that it needed to undertake IFRS currency translations.

Gross premiums written were up 25 percent to £846.2 million compared to £675.8 million in 2005 and London underwriting profit rose 7.5 percent to £101.5 million.

It has predicted a solid future with earned premiums expected to be skewed to second half more than in recent years with net unearned premium reserve at June 30th 2006 up 19 percent to £779 million (at June 30th 2005: £653 million)

The average renewal rate increased by 8.6 percent for the London operation up to the end of July.

Amlin chief executive Charles Philipps, said; “This has been a busy and productive first half for Amlin. The six month result again demonstrates the strength of our business. While the profit is a touch down on last year, owing to exchange rate fluctuations, our annualised return on equity is still a very healthy 24 percent.”