MS Amlin Underwriting net income rises to £15m in Q1 FY’25

MS Amlin Underwriting Limited (AUL), the Lloyd’s global insurer and reinsurer and Managing Agent of Syndicate 2001, reported a net income of £15 million for the first quarter of the fiscal year, up 36.36% from £11 million in the same period last year.

Insurance service profit was £19 million, down £3 million, or ~13.64%, from £22 million a year earlier.

For the first quarter of the fiscal year (January – March 2025), MS Amlin (AUL) posted a combined ratio of 96%, up 1.7 points from 94.3% last year, reflecting California wildfire losses, partly offset by profitable growth and improved underlying underwriting performance.

The combined ratio comprised a loss ratio of 59.9% and an expense ratio of 36.1%, compared to 56.2% and 38.1%, respectively, in the prior-year period.

Incurred losses, including loss adjustment expenses, rose to £244 million, an increase of £26 million from £218 million.

Financial profit stood at £4 million, down £5 million year over year from £10 million, driven by lower returns from equities.

The company posted a non-operating loss of £2 million, compared to a loss of £21 million a year earlier.

Net premiums written amounted to £486 million, up £283 million from £203 million, and net premiums earned were £407 million, up £19 million from £388 million.