MS Amlin Underwriting (MS AUL) posts improved profit for Q3’24

Global insurer and reinsurer MS Amlin Underwriting Limited (MS AUL) has reported a 5% year-on-year rise in insurance service profit to £130 million for the period January to September 2024, as the firm highlights continued growth and profitability.

MS AUL, which includes Lloyd’s Syndicate 2001, Amlin Corporate Member Limited, and AUL Holdings Limited, has reported its Q3 2024 IFRS 17 financial results.

As well as an improved insurance service result, the re/insurer’s net finical result for the period increased to £29 million, and profit after tax rose from £97 million in 2023 to £103 million in 2024.

However, net premium written decreased by £139 million, or 11% year-on-year to £1.11 billion, which includes a change to the quarterly estimation method for delegated authority business, which the company explained in H1 is an important channel.

Net premiums earned increased by £182 million, or 19% year-on-year to £1.15 billion.

Year-on-year, the combined ratio increased by 1.2 percentage points to a still healthy 88.8%, supported by a slightly lower expense ratio of 36.4%, compared with 37.2% in Q3 2023.

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