MS Amlin has reported a net loss of £131 million for the first half of the financial year, down from a profit of £33 million in the prior year period, as the carrier estimated its Hurricane Ian loss at £157 million.
Net premiums written for H122 were £2.192 billion, a substantial rise from £1.922 billion from 2021. At the same time, Net premiums earned increased to £1.377 billion from £1.294 billion from the prior year period.
MS Amlin also reported an underwriting profit of £4 million for H122 compared to a £1 million profit from H121.
Moreover, the firm’s combined ratio for H122 slightly improved to 99.7%, compared to 99.9% from the same period last year.
MS Amlin expects that its net loss for FY2022 could reach as much as £211 million, compared to a net loss of £190 million from 2021.
In the company’s revised forecast for its FY2022 results, Net Premiums Written are expected to reach £3.217 billion, an improvement from the initial forecast of £2.903 billion, as well as a substantial rise from 2021’s £2.814 billion.
Net premiums earned are also expected to increase from the company’s initial forecast of £2,786 billion to £2,987 billion.
In addition, despite the impacts of the ongoing Ukraine & Russia conflict and Hurricane Ian, MS Amlin’s underwriting profit of FY2022 is expected to be £11 million. If so, this would be a huge improvement compared to an underwriting loss of £197 million from 2021.
MS Amlin noted that its expected losses from the Ukraine & Russia conflict for FY2022 are to be around £97 million.
In its Q1 22 results MS Amlin reported a net loss of £93 million, which was heavily driven by the impact of losses related to Russia and Ukraine
Meanwhile, the firm’s investment loss for the year is expected to be £150 million due to mark to market impairment loss of the securities by rapid market changes, such as stock price drop and interest rate rises.
MS Amlin recently unveiled a new three-year sustainability roadmap in order to embed ESG into its business operations.
