MS Amlin, has reported a combined ratio of 91.6% for Q2 2023, down from 100.6% in the same period last year.
The improved underwriting result generated a technical gain of £156m, up from a virtual break-even figure for the same period in 2022.
The massive improvement was mainly due to a reduction in losses linked to Russia-Ukraine, plus top-line growth and profitability improvements in the portfolio.
However the re/insurer booked a non-operating loss of £54m due to the temporary impact of the transfer of insurance liabilities of previous years.
Investment income improved to £68m in Q2 2023, a swing into the black from an investment loss of £116m in the same period last year.
The overall bottom line was a loss of £20m last quarter, compared to a loss of £108m in Q2 2022.
Net income for Q2 2023 was £70m, on a par with the £71m booked in the same period the previous year.
Net premiums written rose to £3.18bn for the quarter, up from £2.19bn in Q2 2022.
Net premium earned rose to £1.93bn from £1.39bn.