Global insurer and reinsurer MS Amlin has recorded a return to profit for the fiscal year ending March 31st, 2020, while net premiums written increased slightly year-on-year.
The re/insurer’s parent, MS&AD Insurance Group, has released its results for the 2019 fiscal year, revealing an improved net income contribution from its overseas insurance subsidiaries, within which sits MS Amlin.
Overall, the overseas insurance segment reported a significant rise in net income, of more than 86% to JPY 36.1 billion. This result was boosted by the performance of MS Amlin, which after falling to a loss in the previous year, recorded net income of JPY 7.6 billion in the fiscal year.
At the same time, MS&AD has reported that its overseas insurance segment saw net premiums written decline slightly in the period, as dips in Americas and Asia outweighed growth at MS Amlin.
In total, MS Amlin’s net premiums written increased by 0.3% to JPY 449.1 billion, reports MS&AD.
Despite the improved performance in some areas, for MS&AD, COVID-19 related equity losses saw the firm’s ordinary profit decline by almost 46% in the year, while net income also fell, by almost 26%.
Discussing COVID-19, the firm notes that it expects an increase of around JPY 20 billion in incurred losses, mainly in overseas markets, and also a decrease of roughly JPY 60 billion in net investment losses in both Japan and Overseas. For fiscal 2020, MSAD expects the current crisis to impact net income by around JPY 64 billion.
