In its half-year 2024 results, Lloyd’s global re/insurer MS Amlin has reported a profit after tax of £87 million an increase of £83 million from the same period last year amid improved investment returns and lower discounting volatility through effective asset-liability matching.
At the same time, MS Amlin’s insurance service profits from underwriting were £116 million in H1 2024, a rise of £71 million from the same period of 2023.
Net premium earned also improved year over year, reaching £744 million in H1 2024, up almost 30%, with gross written premium growth of around 11%.
With all this in mind, MS Amlin’s combined ratio reduced from 90.8% last year, to 84.5% in H1 2024.
In related news, earlier today, Switzerland-domiciled MS Reinsurance, also part of insurance group MS&AD, reported an insurance service profit of £138 million in its HY 2024 results, up 41% from the same period of 2023, while its combined ratio improved to 90.2%.
MS Reinsurance’s figures were strengthened by a $492 million increase in premium growth, driven by business expansion and supported by favourable market conditions, including a reduction in natural catastrophe losses.
MS Reinsurance additionally reported net premiums earned of £1.41 billion in H1 2024, marking a 321% increase compared to H1 2023. Meanwhile, profit after tax reached £128 million in H1 2024, a 71% rise from the same period last year.
