MS Amlin posts 12% rise in underwriting profit for 2024 as GWP hits $2.2bn

MS Amlin, the Lloyd’s global insurer and reinsurer and Managing Agent of Syndicate 2001, has reported a 12% rise in underwriting profit from its continuing business to $250.4 million for full year 2024, as gross written premiums (GWP) rose 1% year on year to $2.222 billion.

For context, MS Amlin’s continuing operations relates to the syndicate’s core, ongoing underwriting portfolio, so excludes discontinued businesses that the syndicate ceased underwriting and transferred to Riverstone in 2022 and 2023.

Including discontinued business, underwriting profit for 2024 amounted to $216.4 million, down slightly on 2023’s $277.7 million.

All of the financial results below are reported on a continuing operations basis.

Alongside the growth in GWP, net earned premiums increased by 14% to $1.912 billion compared with $1.679 billion in 2023, driven by the benefits of pricing increases and new business growth across nearly all classes.

The re/insurer’s attritional loss ratio improved from 47.6% in 2023 to 43.3% in 2024, which MS Amlin says reflects the “health and quality” of its core business.

MS Amlin’s net claims ratio increased slightly year on year on the back of a relatively active claims year, driven by Hurricanes Helene and Milton, and the collapse of the Baltimore bridge.

The expense ratio came down in 2024 with the company highlighting business growth without further expense being added to its cost base. Additionally, the acquisition cost ratio decreased in 2024 when compared with the prior year, driven mostly by a shift in business mix.

For 2024, MS Amlin recorded a strong combined ratio of 87.2%, up slightly on 2023’s 86.6%.

“2024 was another excellent year for MS Amlin, with a significant 12% increase in underwriting profit, within our continuing business, demonstrating our ability to deliver consistent profitable growth,” said Andrew Carrier, CEO of MS Amlin.

“While 2024 was not a particularly benign year with significant claims activity in the shape of the Baltimore Bridge collapse and Hurricanes Helene and Milton, our core underlying loss ratio was such that we were able to absorb comfortably these events in our results.

“This performance reflects the fact that MS Amlin is able to deliver strong results, year after year.

“Looking ahead, we are confident of maintaining this momentum. By leveraging our parent group’s global network, we see significant opportunities to unlock new markets and underwriting opportunities. With innovation, partnerships and expert risk selection at the core of our approach, we are well positioned to drive long-term, sustainable growth for our shareholder, and continue serving customers with integrity,” added Carrier.

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