MS Amlin, the Lloyd’s global re/insurer, has published its results for the first quarter of 2023, which includes a combined ratio of 94.9%, compared to last year’s 112.0%.
The improved combined ratio resulted in a better underwriting result with an insurance profit of £53 million, which represented an increase of £132 million from the last comparable year.
This major increase was mainly due to a decrease of Russia Ukraine losses, rate increase and profitability improvements in portfolio.
However, MS Amlin’s witnessed a non-operating loss of £47 million, which was narrower than last year.
Meanwhile, investment profit and loss improved significantly to £62 million, with MS Amlin noting that interest rates have been on an upward trend since the second quarter.
Net income for Q123 was £7 million, a major decrease compared to £20 million from the last comparable year.
MS Amlin also posted £1.96 billion in net premium written for Q1, compared to £1.40 billion from the last comparable year.
At the same time, net premium earned for the quarter came in at £940 million, representing a £286 million increase from the last comparable year’s £654 million.
And lastly, MS Amlin posted a loss ratio of 59.7% for Q1, a substantial improvement from last year’s 74.6%.
In other related news, MS Amlin recently launched a new AI-powered claims triage capability, marking the first in a series of developments originating from a newly formed partnership with global professional services firm, Genpact.
