MS Amlin books 91.6% CR for Q2, net premiums up by 45%

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.