MS Amlin’s Financial Performance in FY 2024
MS Amlin Underwriting Limited reported a 47% year-on-year decrease in net earnings to $200m (£149m) for the full year 2024. Despite this, the company’s net premiums earned rose significantly to $2.11b (£1.575b), marking a $300m (£224m) increase from the previous year. This growth was driven by underlying business expansion across various segments.
Key Financial Highlights
- Net premiums earned: $2.11b (£1.575b), up $300m (£224m) from FY 2023
- Underwriting profit: $288m (£215m) under UK GAAP
- Combined ratio: 86.2%, showing resilience despite increased loss events
- Financial profit: $66m (£49m), a YoY increase of $86m (£64m) supported by favorable investment returns
Business Outlook for 2025
MS Amlin forecasts a net income of $253m (£189m) for 2025, $54m (£40m) higher than in 2024. The company expects continued top-line growth as expansion in profitable lines offsets anticipated softening market rates. A conservative approach to non-catastrophe volatility has been factored into the 2025 outlook.
The company’s performance is also reflected in the full-year results of its parent company, MS&AD, which uses the IFRS 17 accounting standard. MS Amlin’s 2025 outlook remains positive despite accounting for potential wildfire losses in California.
