MS Amlin saw net income fall £277 million in 2020, a further drop from the £55 million loss announced in 2019, primarily driven by COVID-19 impacts.
Excluding the impact of COVID-19, underwriting profit was £28 million and net income was £83 million, up from the previous year.
Net premiums written in were down £538 million from the previous year mainly due to the withdrawal of the Lloyds business from unprofitable lines.
The improvement of non-cat lines is seen to be steadily progressing, and the overall EI combined ratio excluding the COVID-19 impact was 98.7%.
Looking forward, net premiums written are expected to increase by 100.4 billion yen mainly due to the positive impact of foreign exchange, in addition to increased rates and the amount of new policies at MS Amlin.
Net income is expected to increase by 58.1 billion yen, with the 44.1 billion yen increase in Europe mainly due to decreased COVID-19 incurred losses and the 11.8 billion yen increase in the international life insurance business.
