MS Amlin’s adjusted profit in the first quarter of 2021’s financial year was £20 million, up by £156 million from the prior year period.
This increase is reportedly due to the elimination of COVID-19 effects on both the underwriting and investment.
Concurrently, the company registered a £49 million net loss, an improvement from the £136 million loss reported in the prior year period.
This net loss figure includes the impact of North American cold wave losses of £69 million, which was added to the consolidated financial statements in FY 2020.
Meanwhile, MS Amlin’s combined ratio fell from 107.9% to 106.4%, while its expense ratio climbed from 28.7% to 38.1%.
Net income from MS Amlin’s parent company MS&AD rose by £143 million billion yen to £775 million, mainly due to an increase at overseas insurance subsidiaries.
Net premiums written at overseas insurance subsidiaries increased due to higher rates and the impact of foreign exchange rates, despite the negative impact of the strengthening of underwriting rules on premiums.
