MS Re posts insurance service profit of $102m as CoR improves to 87.3% in Q1 FY’25

MS Reinsurance (MS Re), a Switzerland-domiciled global reinsurer, reported an insurance service profit of $102 million for the first quarter of the fiscal year (January to March 2025), up $28 million from $74 million in the same period a year earlier.

The company’s combined ratio improved to 87.3%, down 2.4 points from 89.7% (including California wildfire losses), benefiting from significant premium growth driven by continued business expansion with well-managed and diversified portfolios.

The combined ratio comprised a loss ratio of 56.5% and an expense ratio of 30.8%, compared to 58.6% and 31.1%, respectively, in the prior-year period.

Net premiums written totalled $2.07 billion, up $292 million from $1.78 billion.

Net premiums earned amounted to $840 million, up $126 million from $714 million.

Incurred losses, including loss adjustment expenses, were $475 million, an increase of $56 million from $418 million.

The company posted a financial loss of $18 million for the first quarter of the fiscal year, compared to a profit of $29 million a year earlier, driven by increased market volatility resulting in lower returns from equities and FX losses.

It also reported a non-operating loss of $10 million, compared to a loss of $8 million.

MS Re recorded a net income of $65 million, down $16 million from $81 million a year earlier.