MS Amlin has released its first‑quarter 2025 financial results under IFRS 17, reporting a year‑on‑year increase in profit after tax and significant growth in written premiums.
Profit after tax for the three‑month period ending March 31 rose to £15 million, up from £11 million in the same period in 2024. Net premium written increased to £486 million, compared to £203 million in the prior‑year quarter, marking a rise of £283 million. Net premium earned also increased, reaching £407 million, up £19 million year‑on‑year.
The insurer reported a combined ratio of 96.0 % for the quarter, compared to 94.3 % in Q1 2024. The company said this figure reflects the impact of losses from the California wildfires, which added approximately 20 percentage points to the combined ratio. The expense ratio improved to 36.1 %, down from 38.1 % the previous year.
Insurance service profit decreased slightly to £19 million from £22 million in Q1 2024. The net financial result also declined, falling from £10 million to £4 million.
The insurer's full‑year 2024 results showed a 12 % increase in underwriting profit from its continuing business, rising to US$250.4 million, with gross written premiums reaching US$2,222.3 million and net earned premiums increasing 14 % to US$1,912.4 million – growth attributed in part to improved attritional loss ratios and refined risk selection.
MS Amlin established a new partnerships division earlier this year as part of its evolving distribution strategy; the team, led by Sam Geddes, is tasked with leveraging collaborations across MS&AD Group ventures and managing exposure in key London Market facilities to enhance product and distribution innovation.
Effective July 1, MS Amlin also consolidated its branding under a single global identity, simplifying all communication and digital assets to the MS Amlin name to provide clarity for brokers, partners and clients.
Looking ahead, MS Amlin projected net income of £189 million for 2025, an increase of £40 million over the previous year, with the outlook incorporating allowances for wildfire‑related losses in California while expecting continued profitable growth.
“We are confident of maintaining this momentum,” CEO Andrew Carrier (pictured above) previously said. “By leveraging our parent group’s global network, we see significant opportunities to unlock new markets and underwriting opportunities.”
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