MS Amlin Underwriting Limited (MS Amlin) has reported growth in profitability and robust financial performance for the six months ending June 30, 2024, driven by strong underwriting fundamentals and strategic adjustments.
The company recorded insurance service profits from underwriting of £116 million, up from £45 million during the same period last year, reflecting a £71 million increase. MS Amlin attributed the growth to continued underwriting discipline and portfolio expansion.
Net profit after tax rose by £83 million to £87 million, benefiting from improved investment returns and lower discounting volatility. The reduction in volatility was achieved through asset-liability matching strategies.
Net premium earned increased by nearly 30%, supported by an 11% rise in gross written premiums and adjustments to the company's reinsurance strategy. MS Amlin stated that the growth reflects confidence in its underwriting approach.
The combined ratio under the IFRS 17 standard improved to 84.5% for the first half of 2024, down from 90.8% in the prior year. The company also noted a lower expense ratio, citing effective expense management.
Despite absorbing significant losses in the first half, including the Baltimore Bridge incident, MS Amlin said that it delivered stronger year-on-year results. The company highlighted that maintaining a healthy combined ratio remains a central focus for its underwriting and strategic decisions.
MS Amlin also emphasised the importance of sound underwriting practices, noting strong price adequacy in its portfolio. The half-year results underline what the company described as its financial stability and ability to manage volatility effectively.
Last month, MS Amlin expanded its board with the appointments of Jo Hine and Andrew Downes as independent non-executive directors.
Hine will serve as chair of the risk and solvency committee, pending regulatory approval. Hine brings a background in finance, capital, and risk, having held senior roles at Hiscox, Tokio Marine Kiln, QBE European Operations, and Aioi Nissay Dowa Europe, a sister company to MS Amlin.
She is also currently an independent non-executive director at Arch Insurance International and a non-executive director and trustee for the charity Publish What You Fund.
Downes joins the board after a 20-year career as an audit partner at Deloitte, where he managed audit and advisory projects for UK and international clients, including multiple Lloyd’s syndicates, brokers, and Lloyd’s itself.
Downes also serves as a non-executive board member and trustee for the Pimlico Toy Library, a children’s charity in Westminster, and has represented the audit profession on the Institute of Chartered Accountants of England & Wales Insurance Committee and Lloyd’s Working Group.
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