MS Reinsurance has announced its financial results for the first half of 2024, reporting growth across key metrics compared to the same period in 2023.
The company says that the results, released under the IFRS 17 accounting standard, reflect MS Reinsurance’s business expansion and market conditions.
The company’s profit after tax reached £128 million (US$128 million), representing a £71 million year-on-year increase. Insurance service profit rose to £138 million (US$138 million), an increase of £41 million over the same period last year.
MS Reinsurance attributed this growth to premium increases of £492 million, driven by business expansion and favorable market conditions, including reduced natural catastrophe losses and a client-focused portfolio strategy.
Net premium earned increased from £1,090 million to £1,410 million, marking a 321% rise year-on-year. The company reported that its combined ratio improved to 90.2% from 91.3%, a 1.1-point reduction, while the expense ratio decreased to 31.2% from 32.6%, showing a 1.4-point improvement.
MS Reinsurance also reported financial profit of $23 million, up $37 million compared to the first half of 2023. The increase was attributed to favorable investment returns in non-duration assets and lower discounting volatility due to effective asset-liability matching.
Earlier this year, the global reinsurer reported a net profit of US$366 million for 2023, marking a significant turnaround from a net loss of US$50 million in 2022.
In that period, MS Reinsurance reported a net profit after tax of US$366 million, driven by favorable non-catastrophe experience across the portfolio, equity returns in line with wider market performance, and higher than planned returns on liquid assets.
The net profit was also aided by a one-time tax impact of US$93 million stemming from the recognition of deferred tax assets in anticipation of the revision of the corporate tax system in Bermuda. Excluding one-off impacts, the net profit was US$273 million.
In June, MS Reinsurance also announced the appointment of Miguel Marin as its new head of data.
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