MS Amlin, the Lloyd’s global re/insurer, has published its results for second quarter 2023, which includes a combined ratio of 91.6%, compared to last year’s 100.6%.
The improved combined ratio resulted in a better underwriting result with an insurance profit of £156 million, which represented an increase of £147 million from the last comparable year.
This major increase was mainly due to a reduction in losses linked to Russia-Ukraine, good progress of top line growth and profitability improvements in the portfolio.
However, MS Amlin witnessed a non-operating loss of £54 million due to the temporary impact of the transfer of insurance liabilities of previous years.
Meanwhile, the re/insurer posted investment income of £68 million in Q2’23, compared to an investment loss of £116 million in Q2’22.
It posted financial loss of £20 million in Q2’23, compared with loss of £108 million in Q2’22.
Net income for Q2’23 was £70 million, compared to £71 million from the last comparable year.
MS Amlin also posted £3.18 billion in net premium written for Q2, compared to £2.19 billion from the last comparable year.
At the same time, net premium earned for the quarter came in at £1.93 billion, representing an increase from the last comparable year’s £1.39 billion.
And lastly, MS Amlin posted a loss ratio of 56.1% for Q2, a substantial improvement from last year’s 64.3%.