MS Reinsurance (MS Re), a Switzerland-domiciled global reinsurer, has reported growth of 17.6% in gross written premiums (GWP) to $3.6 billion for full year 2024, up from $3.1 billion in 2023, driven by top line growth in a favourable market environment, in line with the company’s strategy to build a diversified and well-balanced portfolio.

MS Re’s net premiums earned for FY’24 were $2.98 billion, growth of 19.5% compared to $2.49 billion in 2023.

The combined ratio for FY’24 improved to 88.7%, compared to 90.5% in 2023, driven by a strong underwriting performance.

The reinsurer’s net profit for the year hit $346 million after tax, compared to $366 million in 2023, so down roughly 5% year on year.

The company explained that despite an uncertain geopolitical environment and significant loss activity throughout the year, the profit is driven by strong underwriting and investment results.

The impact from large loss events in 2024 was considerably below MS Re’s large loss budget, and favourable prior year developments added to the strong underlying results.

Additionally, despite continued market volatility, MS Re recorded investment gains of $177 million with a return on investments of 3.3%, with an investment service result for FY’24 of $337 million compared to $237 million in 2023.

Robert Wiest, Chief Executive Officer, commented, “2024 was another very strong year driven by significant premium growth in continued favourable market conditions. We are committed to putting the client at the heart of everything that we do, taking a portfolio approach to the business, decreasing volatility and growing our profitability. Our 2024 results show that we are delivering on these key objectives.

“2024 reinforced the power of consistency in our strategy, our partnerships, and the discipline of our execution. We continued to grow, but growth for the sake of growth has never been our aim. We focus on cultivating relationships with clients who share our values and vision.”

Wiest added, “We continue to grow our diversified portfolio profitably as favourable market conditions persist in 2025, and we remain focused on being a stable, reliable partner for our clients and a thoughtful steward of this business.”

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