MS Amlin’s net premiums rise $300m on business growth in FY 2024

Reporting under UK GAAP, MS Amlin posted an underwriting profit of $288m.

MS Amlin Underwriting Limited’s revised full-year (FY 2024) net earnings contracted by 47% year-on-year (YoY) to $200m (£149m). 

Reporting under UK GAAP, MS Amlin posted an underwriting profit of $288m (£215m). 

This came even as the market absorbed high-impact loss events such as the Baltimore Bridge collapse and Hurricanes Helene and Milton.

Net premiums earned rose sharply to $2.11b (£1.575b)—up $300m (£224m) from the previous year—driven by underlying growth across the business. The company’s combined ratio stood at 86.2%, remaining resilient despite a heavier loss environment compared to 2023.

Financial profit climbed to $66m (£49m), a YoY increase of $86m (£64m), supported by favourable investment returns. 

MS Amlin’s performance also appears in the full-year results of parent company MS&AD, which uses the IFRS 17 accounting standard.

MS Amlin forecasts net income of $253m (£189m) for 2025—$54m (£40m) higher than in 2024—even after accounting for wildfire losses in California. 

The insurer 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, with the company aiming to maintain strong performance amidst evolving market conditions.

($1.00 = £0.74)