AGM Statement

Amlin PLC
19 May 2004

PRESS RELEASE
For immediate release
19 May 2004


AMLIN TRADING REMAINS STRONG

• Syndicate profit forecasts increased

• Another strong result anticipated for 2004

• Trading conditions remain healthy


At its Annual General Meeting held today, Amlin, the leading Lloyd's insurer,
provided an update to Syndicate 2001's forecasts for the 2002 and 2003 years of
account and commented on current trading as set out below.


Current trading

2004 has started well and Amlin continues to experience good trading conditions.
Syndicate 2001's gross written premium (net of brokerage) to the end of April
2004 was £471 million (at rates of $1.78: £1), compared to £434 million for the
previous year (net of quota share reinsurance and converted at the same exchange
rate).


The average renewal rate reduction in the first quarter was only 2% with classes
such as large commercial property, energy and war experiencing larger rate
reductions, offset by other classes generally holding up well or continuing to
see rate increases.


For 2004 Amlin owns 100% of Syndicate 2001's capacity, compared with its 86%
share in 2003. Therefore at Company level, Amlin continues to record healthy
growth in premiums.


With the continued healthy trading environment and the satisfactory development
of prior years' reserving, demonstrated by the year of account profit forecasts
referred to below, Amlin continues to anticipate another strong underwriting
result for 2004.


Forecasts

The forecasts for the 2002 and 2003 years of account have both improved and are
expressed below as a percentage of capacity after standard personal expenses:


Year of account    Capacity    Amlin share    Current forecasts    Previous forecasts
                         £m              %
           2002         800           72.3       15% to 20%         14.5% to 19.5%

           2003        1000           86.0       11% to 16%           10% to 15%



Both years of account are developing well. A considerable amount of exposure
remains on risk for the 2003 year of account, particularly for the aviation
account. However, Amlin expects the forecasts to continue to improve if a normal
level of loss development is experienced.


The Syndicate's investment risk remains low in recognition of the current
volatility of bond markets. The bond portfolios have average asset durations of
between two and three years. However, £200 million of these portfolios had been
liquidated by 31 March 2004 reducing the overall asset durations.


Roger Taylor, Chairman of Amlin, added, 'Amlin is trading well despite volatile
financial markets. This demonstrates the strength and quality of the underlying
underwriting returns which Syndicate 2001 is generating. We continue to look
forward with confidence'.



Enquiries:


Charles Philipps, Amlin plc                                 0207 746 1000

Richard Hextall, Amlin plc                                  0207 746 1000

David Haggie, Haggie Financial Limited                      0207 417 8989


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