2024 Financial Results
MS Amlin, the Lloyd’s global insurer and reinsurer, has reported a 12% rise in underwriting profit from its continuing business to $250.4 million for full year 2024. The gross written premiums (GWP) increased by 1% year on year to $2.222 billion.
MS Amlin’s continuing operations refer to the syndicate’s core, ongoing underwriting portfolio, excluding discontinued businesses transferred to Riverstone in 2022 and 2023. Including discontinued business, underwriting profit for 2024 amounted to $216.4 million, down slightly from 2023’s $277.7 million.
Key Financial Metrics
Net earned premiums rose by 14% to $1.912 billion, compared with $1.679 billion in 2023, driven by pricing increases and new business growth across nearly all classes.
The attritional loss ratio improved from 47.6% in 2023 to 43.3% in 2024, reflecting the “health and quality” of its core business.
The net claims ratio increased slightly due to a relatively active claims year, influenced by Hurricanes Helene and Milton, and the collapse of the Baltimore bridge.
The expense ratio decreased in 2024, with business growth occurring without further expense additions to its cost base. The acquisition cost ratio also decreased, driven mostly by a shift in business mix.
For 2024, MS Amlin recorded a strong combined ratio of 87.2%, up slightly from 2023’s 86.6%.
CEO’s Statement
Andrew Carrier, CEO of MS Amlin, stated: “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.”
He added, “While 2024 was not a particularly benign year with significant claims activity like the Baltimore Bridge collapse and Hurricanes Helene and Milton, our core underlying loss ratio allowed us to absorb these events comfortably in our results. This performance showcases MS Amlin’s capability to deliver strong results year after year.”
Carrier expressed confidence in maintaining this momentum, noting opportunities to unlock new markets and underwriting opportunities by leveraging their parent group’s global network. “With innovation, partnerships, and expert risk selection at the core of our approach, we are well positioned to drive long-term, sustainable growth for our shareholder, and continue serving customers with integrity,” he concluded.
