MS Amlin posts underwriting profit growth in full-year financial results

Lloyd’s (re)insurer MS Amlin has posted a 12% year-on-year increase in its underwriting profits, growing to £198.7m ($250.4m) in 2024 from £178.3m ($224.7m) in 2023.

MS Amlin, which is managing agent for Syndicate 2001, also posted a combined operating ratio (COR) of 87.2%, largely commensurate with its 2023 value of 86.6%.

The firm’s attritional loss ratio decreased to 43.3% from 47.6% the previous year, with the firm also reporting a slight increase in net claims ratio and a reduction in expense ratio.

Chief executive Andrew Carrier said: “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.”

Premiums increase

Net earned premiums at MS Amlin saw a year-on-year growth, up 14% from £1,517.7m ($1,912.4m) in 2023 to £1,332.9m ($1,679.4m) in 2024.

Gross written premiums, however, saw a more modest increase. This recorded an uplift of 1.2%, growing from £1,742.9.4m ($2,196.1m) in 2023 to £1,763.5m ($2,222.3m) in 2024.

These financial results came after a mixed year for MS Amlin. 

Carrier said: “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.”

Carrier was also bullish on future performance.

He added: “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.”

• Insurance Times has converted dollar amounts into pound sterling at an exchange rate of £1 = $1.26, as at March 2025.