MS Amlin has reported a 2023 net income of £509 million, marking an increase of £316 million from 2022, while its combined ratio fell 7.6 points to 89.5%.
The firm noted that its improved net income in 2023 also included the positive impact of £75 million from recognising deferred tax assets in anticipation of the revision of the corporate tax system in Bermuda.
Meanwhile, MS Amlin’s insurance service profit in 2023 was £457 million, an improvement of £347 million year-on-year.
This increase was reportedly driven by top-line growth, mainly due to market hardening, the business expansion of MS Reinsurance, and improvements in profitability through enhancing the underwriting portfolio in all of MS Amlin’s legal entities.
Concurrently, the firm’s 2023 financial profit was £53 million, a decrease of £148 million from 2022.
MS Amlin explained that the significant improvements in investment income were materially offset by higher insurance service expenses, given the diminished benefit from favourable interest rate fluctuations relative to the prior year.
Net premiums written in 2023 stood at $4.72 billion, up from $3.6 billion in 2022, while net premiums earned expanded to $4.27 billion.
At the same time, natural catastrophe losses in 2023 were down by $29 million year-on-year to $151 million.
