MS Amlin Underwriting, part of the MS&AD Group, has published its full-year financial results for the period January to December 2024 under the IFRS 17 accounting standard.
The firm recorded an insurance service profit of £215 million, down from £244 million in 2023. Profit after tax declined to £149 million from £197 million, while the net financial result improved to £49 million, a £64 million increase compared to a £15 million loss the previous year.
Net premium written was £1,485 million, a slight decrease from £1,495 million in 2023. However, net premium earned rose to £1,575 million, up £224 million year-on-year. The expense ratio moved from 36.1% to 37.0%, and the combined ratio increased by 3.9 percentage points to 86.2%.
The insurer attributed its £215 million underwriting profit to its approach to risk selection and portfolio balance. The 2024 results also accounted for market-wide loss events, including the Baltimore Bridge collapse and Hurricanes Helene and Milton.
Financial profit was supported by stronger investment returns. Despite the increased frequency of significant losses in the period, the combined ratio was maintained within range, reflecting what the company said was its ability to manage volatility.
The company said that these figures apply to MS Amlin’s Lloyd’s Syndicate 2001, Amlin Corporate Member Ltd, and AUL Holdings Ltd.
CEO Andrew Carrier (pictured) noted that while 2024 involved notable claims activity, the business was able to absorb these losses due to the strength of its core underlying loss ratio.
“Looking ahead, we are confident of maintaining this momentum,” he said. “By leveraging our parent group’s global network, we see significant opportunities to unlock new markets and underwriting opportunities.”
Looking ahead, MS Amlin projects a net income of £189 million for 2025, an increase of £40 million from 2024. The forecast includes allowances for wildfire-related losses in California.
A few months ago, the company reported that its 2024 results based on the UK GAAP standards saw increased underwriting profits for continuing business at US$250.4 million at constant exchange rates, up from US$224.7 million in 2023.
The combined ratio was 87.2%, compared to 86.6% in 2023. The attritional loss ratio declined to 43.3% from 47.6%, which the company said reflects the overall health and quality of its core business.
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