MS Amlin, a global reinsurance company owned by MS&AD Holdings, achieved an insurance services profit of £183 million between January and September 2025 (third quarter of 2025), a year-on-year increase of 53%. The company’s combined ratio increased by 2.7 percentage points to 86.1%.
The stronger combined ratio was due to a 2.3 percentage point decline 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 the third quarter of 2024.
MS Amlin’s underwriting results remained strong despite being hit by California wildfires in January 2025 and strengthening aviation lease loss reserves.
In the third quarter of 2025, losses including loss adjustment charges increased 46% year-on-year to 648 million pounds, while acquisition expenses and other operating expenses increased 47% to 465 million pounds.
Net premiums written in the third quarter of 2025 increased by 380% to nearly £1.5 billion, compared with £1.1 billion in the same period last year, while net premium income increased by 142% to £1.3 billion, compared with £1.2 billion in the same period last year.
MS Amlin’s current financial profit increased by 14% year-on-year to 43 million pounds, of which 78 million pounds came from investment income, partially offset by 34 million pounds of insurance service expenses. The company attributed the profit increase to higher returns on non-duration investment assets and equities, as well as growth in assets under management.
MS Amlin’s profit after tax for the third quarter of 2025 reached £162 million, an increase of 59% from £103 million in the previous year.