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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Bermuda focused Lloyds insurer Amlin reported a sharp decline in half year profit after the effects of the credit crisis weighed on investment returns.

Pre-tax profit fell to £137.3m in the six months to the end of June from £185.0m the year before. However the figure still beat average forecasts of a £120m profit. Return on investment fell to 0.7% from 2.6% in 2007.

"Even with the effects of the credit crisis on investment returns in the first half we have achieved a strong return on equity," said chief executive Charles Philipps.

The group expects over the next two years that rate increases in areas such as UK commercial motor and property lines will help outweigh softening rates in other parts of its business.

An interim dividend of 6p per share has been set, up from 5p the year before.

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