Global insurer and reinsurer MS Amlin Underwriting Limited (MS AUL) has reported a net income of £149 million for the full year 2024, representing a reduction of £47 million compared to the £197 million recorded the year prior.

The company attributed the decline in net income to an increase in corporate tax, driven by improved profitability in recent years, as well as a more active year for natural catastrophes and large market losses.

Insurance service profit for FY24 totalled £215 million, down £29 million from £244 million in FY23. This was driven by large market losses—including Hurricane Milton, Hurricane Helene, and the Baltimore Bridge collapse—partially offset by continued strong underwriting performance in the non-catastrophe portfolio.

MS AUL’s financial profit rose to £49 million, an increase of £64 million year over year from a £15 million loss, supported by improved investment returns and sustained low discounting volatility through effective asset-liability matching.

Net premiums written stood at £1.485 billion, slightly down from £1.495 billion in FY23.

Net premiums earned rose to £1.575 billion, a £225 million increase from £1.351 billion the year prior.

The company’s combined ratio for FY24 was 86.2%, up 3.9 percentage points from 82.3% in FY23. This comprised a loss ratio of 49.2% and an expense ratio of 37.0%, compared to a loss ratio of 46.2% and an expense ratio of 36.1% the previous year.

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