MS Re, the Swiss-registered reinsurance entity of MS&AD Holdings, reported net profit of US$341 million in the first nine months of 2025 in accordance with IFRS 17, an increase of US$119 million from US$222 million in the same period in 2024.
Insurance services profits also strengthened, rising to $349 million from $215 million in the first nine months of 2024.
The combined ratio for the first nine months of 2025 was 86.6%, an improvement from 90% in the same period last year, supporting performance.
The reinsurer said it experienced benign losses in the second and third quarters of 2025, driven by continued business expansion across a well-managed and diversified portfolio, with significant premium growth of $431 million.
Financial profit for the first nine months of 2025 increased to US$58 million, an increase of US$14 million year-on-year.
The growth was driven by strong investment performance and growing assets under management, partially offset by the impact of foreign currency fluctuations.
Of this amount, investment income totaled $154 million, down slightly from $158 million in the first nine months of 2024, while insurance service expenses increased to -$96 million from -$113 million.
Total business volume increased during the period, with net written premiums increasing from US$2.917 billion to US$3.349 billion, while net premiums increased from US$2.160 billion to US$2.609 billion.
In related news, MS Amlin, a global re/insurance company owned by MS&AD Holdings, achieved an insurance service profit of 183 million pounds from January to September 2025, a year-on-year increase of 53%. The company’s combined ratio increased by 2.7 percentage points to 86.1%.
