MS Amlin, the Lloyd’s global insurer and reinsurer, achieved its strongest adjusted combined ratio for more than a decade in 2023 with a 9.6 percentage point improvement to 86.6%, with Chief Executive Officer (CEO), Andrew Carrier, describing it as a landmark year for the business.
As well as being the firm’s lowest combined ratio in a decade, it’s also the strongest recorded by MS Amlin since it was acquired by Mitsui Sumitomo in 2016, highlighting the strength of the underlying underwriting performance.
At the same time, operating profit rose by over £300 million year-on-year to £256.8 million in 2023, reversing the loss of £46.7 million seen in 2022.
As the firm returns to profitable growth, it remains one of the largest syndicates in the Lloyd’s marketplace, writing over £2 billion gross written premium.
MS Amlin notes that while its 2023 result did benefit from the fairly benign natural catastrophe year and the attractive rate environment, the significant improvement in profitability is also a result of improved risk selection and actions to refine the core underwriting portfolio.
Throughout last year, the firm continued to take action to enhance both the quality and mix of its business, lower attritional losses, and manage its costs and capital base.
Carrier, CEO, commented: “These record results return MS Amlin to a position of significant profitability. In a landmark year for our business, we delivered a positive swing in profits of more than £300m, and a near double-digit improvement in our combined ratio – our best in at least a decade.
“As these numbers show, we are reaping the rewards of our transformation efforts. We’re now a simpler organisation, focused on our core strengths of rigorous risk selection and a quality claims service – and this is driving a strong improvement in profitability.
“I’m extremely grateful to my colleagues for their hard work in delivering these results, and our parent company and brokers for placing their trust in us. While we’ve restored our business to profitable growth, I believe the best opportunities lie ahead of us. We’re now focused on achieving sustainable long-term performance, as we fulfil our purpose of providing continuity for clients in an uncertain world.”
