MS Amlin has released its financial results for the first half of 2025, reporting significant losses stemming from the California wildfires.
For the first half of 2025, MS Amlin recorded a profit after tax of £47 million, compared to £87 million in the same period last year. The insurance service profit for the period was £49 million, down from £116 million in H1 2024, while the net financial result increased to £22 million, up £6 million year-on-year.
Net premium written rose to £1,039 million, an increase of £321 million from the previous year, and net premium earned reached £831 million, up £88 million year-on-year. The expense ratio improved to 34.8%, a decrease of 2.0 percentage points from the previous year’s figure of 36.8%.
The half-year figures build on MS Amlin’s performance in the first quarter of 2025, when the company reported a profit after tax of £15 million, up from £11 million in Q1 2024. During the same quarter, net premium written reached £486 million, more than double the £203 million reported in the prior-year period.
Net premium earned for Q1 2025 was £407 million, representing a year-on-year increase of £19 million.
The combined ratio for H1 2025 was 94.5%, up from 84.5% in H1 2024. This increase reflects higher market losses, including those from the California wildfires, though the company notes that profitable growth and improvements in underlying underwriting performance helped offset some of these impacts.
MS Amlin’s management stated that the results demonstrate continued disciplined underwriting and effective cost management. The company’s full-year forecast remains unchanged, with positive net income estimated at £189 million and insurance service profit forecast at £223 million.
The combined ratio for the full year is projected at 87.5%, which is favorable to initial forecasts and includes the anticipated impact of major market losses.
The company reported that its diversified portfolio continues to deliver consistent profitability, even in a more volatile market environment. MS Amlin’s outlook for the remainder of 2025 remains in line with its original plan, assuming catastrophe events remain within expected levels.
