MS Re, the Switzerland-domiciled reinsurance entity of MS&AD Holdings, has reported net income of $341 million for the first nine months of 2025 on an IFRS 17 basis, representing an increase of $119 million from $222 million in the same period of 2024.
Insurance service profit also strengthened, rising to $349 million from $215 million in the first nine months of 2024.
Performance was underpinned by a combined ratio of 86.6% for the first nine months of 2025, an improvement on the 90% recorded in the prior-year period.
The reinsurer cited a benign loss experience in Q2 and Q3 2025, alongside significant premium growth of $431 million, driven by continued business expansion across well-managed and diversified portfolios.
Financial profit for the first nine months of 2025 increased to $58 million, up $14 million year on year.
This uplift was driven by strong investment performance and growing assets under management, partially offset by the impact of foreign exchange movements.
Within this result, investment income totalled $154 million, slightly below the $158 million recorded in the first nine months of 2024, while insurance service expenses improved to -$96 million from -$113 million.
Gross business volumes expanded during the period, with net premiums written rising to $3.349 billion from $2.917 billion, while net premium earned increased to $2.609 billion from $2.160 billion.
In related news, global re/insurer MS Amlin, also part of MS&AD Holdings, generated an insurance service profit of £183 million for the period January to September 2025, an increase of 53% year on year, as the firm’s combined ratio improved by 2.7 percentage points to 86.1%.
