LONDON (Bloomberg) — Amlin Plc, the biggest Lloyd's of London insurer, said 2009 profit rose more than fivefold, beating analysts' estimates, on higher investment returns.

Net income climbed to £454.8 million ($687 million), from £80.3 million in 2008, the insurer said yesterday in a statement. That beat the £386 million median estimate of nine analysts surveyed by Bloomberg. Amlin has a reinsurance unit in Bermuda.

"The 2009 results clearly benefited from a more favourable trading environment compared with the dual headwinds of major catastrophe losses and financial market turmoil of 2008," chairman Roger Taylor said in the statement.

Amlin, which insures risks from ships to trade credit, last year benefited from rising rates in reinsurance, its biggest class of business. The insurer bought Fortis Corporate Insurance NV in July to expand in Europe and reduce its exposure to potential losses from US hurricanes.

Investment returns rose to £207.5 million from £18 million in 2008. Net premium revenue rose 44 percent to £1.32 billion, while claims climbed 13 percent to £564.2 million.

Amlin raised its final divided 18 percent to 20 pence a share.