Global re/insurer MS Amlin, part of MS&AD Holdings, generated an insurance service profit of £183 million for the period January to September 2025 (Q3’25), an increase of 53% year-on-year, as the firm’s combined ratio strengthened by 2.7 percentage points to 86.1%.
The stronger combined ratio was driven by a 2.3 percentage point reduction in the loss ratio to 50.1% and a 0.4 percentage point decrease in the expense ratio to 36%, compared with 52.4% and 36.4%, respectively, in Q3’24.
MS Amlin’s underwriting result remained strong despite being hit by the California wildfires in January 2025, as well as reserve strengthening for aviation leasing losses.
Incurred losses, including loss adjustment expenses, increased by 46% year-on-year to £648 million in Q3’25, while expense for acquisition and other operating expense rose by 47% to £465 million.
Net premium written increased by an impressive 380% to almost £1.5 billion for Q3’25 compared with £1.1 billion a year earlier, as net premium earned rose by 142% to £1.3 billion, compared with £1.2 billion in the prior year.
MS Amlin’s finical profit for the period jumped 14% year-on-year to £43 million, including £78 million from investment income, partially offset by £34 million of insurance service expenses. The firm attributes the rise in profit here to increased returns from non-duration investment assets and equities, and growing assets under management.
Profit after tax amounted to £162 million in Q3’25 for MS Amlin, an increase of 59% on the prior year’s £103 million.
