MS Reinsurance, the Switzerland-domiciled global reinsurer, has revealed that 2025 was another strong year for the firm, with net profit after tax reaching $415 million, up from $346 million in 2024.
According to MS Re, a wholly owned subsidiary of MSI, which is a core part of the Japanese insurance giant MS&AD Group, the strong net income figure for the year ended 2025 was driven by significant positive contributions from both underwriting and investments.
The firm grew gross written premiums for the year to $3.9 billion, up from $3.6 billion a year earlier, reportedly in line with its growth plans and strategy to continue building a diversified and well-balanced portfolio.
Meanwhile, MS Re’s combined ratio improved to 87.4% in 2025, from 88.7% in 2024, driven primarily by benign loss experience in shorter-tail classes and a favourable discounting impact.
As mentioned, the firm also disclosed a strong investment result for the year ended 2025 at $307 million, with an investment return of 4.7%, despite continued financial market volatility.
Robert Wiest, Chief Executive Officer of MS Reinsurance, commented, “2025 was an excellent year for the company as we delivered a significantly increased net profit of $415 million, based on excellent underwriting and investment performance. This is the third year in a row that we have delivered profits to our shareholders.
“We have achieved this success because we have had a clear objective: to create a company that is a stable, reliable, and valuable partner to our clients across the cycle. Every decision we have taken – strategically, culturally, and organisationally – has been guided by this ambition.
“Today, MS Reinsurance is fundamentally different from where it was four years ago. We deliberately de-risked and rebalanced our portfolio, strengthened governance throughout the organisation, and reimagined how we operate across functions and geographies.
“We clarified who we are and what we stand for, with a clear strategy and value proposition rooted in knowing our clients deeply, being easy to work with, and delivering value efficiently.
“Reinsurance is inherently cyclical, which makes consistency both difficult and essential. Our strategy is designed to hold across the full cycle, not just when conditions are favourable.”
