’As these numbers show, we are reaping the rewards of our transformation efforts,’ says chief executive
MS Amlin has revealed that it improved its combined ratio (COR) by 9.6 percentage points in 2023.
In a trading update, the (re)insurer said it secured a COR of 86.6% during the year, an improvement from the 96.2% recorded in 2022.
This is the lowest the figure has been in a decade and the best since the company was acquired by Mitsui Sumitomo in 2016.
Operating profit also increased to £256.8m from a prior year loss of £46.7m – a swing of more than £300m.
The growth was driven by MS Amlin focusing on simplification, as well as improving claims service and underwriting discipline.
“As these numbers show, we are reaping the rewards of our transformation efforts,” Andrew Carrier, chief executive of MS Amlin, said.
“We’re now a simpler organisation, focused on our core strengths of rigorous risk selection and a quality claims service – and this is driving a strong improvement in profitability.”
Outlook
Following these results, MS Amlin felt it had “laid the foundations for long-term success”.
Read: Catch up on insurers’ 2023 full-year financial results
Read: Aviva’s UK&I GI business boosts premiums in 2023 despite slight undiscounted COR rise
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It is now focused on achieving sustainable growth in 2024.
“While we’ve restored our business to profitable growth, I believe the best opportunities lie ahead of us,” Carrier said.
“We’re now focused on achieving sustainable long-term performance, as we fulfil our purpose of providing continuity for clients in an uncertain world.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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