MS Amlin sees return to underwriting profit in FY2022 despite £144m net loss

Lloyd’s global re/insurer MS Amlin has published its results for the financial year 2022 reporting an underwriting profit of £63 million, but its investment loss of £91 million resulted in a net loss of £144 million.

ms-amlin-logoThe re/insurer’s underwriting profit grew £260 million from a £260 million loss in FY2021. According to MS Amlin, all insurance entities contributed towards this profit despite the impact of large natural catastrophes such as Hurricane Ian, Russia-Ukraine related losses and inflation.

Net premiums written saw an improvement as they went up from £2.8 million in FY2021 to £3.6 million in FY2022. Net premiums earned went up as well, to £3.2 million from £2.7 million in the prior year.

Incurred losses (including loss adjustment expenses), went from £1.9 million in FY2021, to £2 million in FY2022. Expense for acquisition and other operating expense also saw a rise to £1.1 million from £912 million in the prior period.

Moreover, the reported investment loss of £91 million in the period compares to the £101 million reported in 2021.

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MS Amlin reported a Russia-Ukraine related loss of £97 million. Its losses related to large natural catastrophes were £180 million, lower than the £296 million reported in FY2021.

Despite the insurer’s net loss in FY2022 – which compares to the net loss of £190 million reported in the same period a year prior -, its combined ratio improved to 98.0%, from 107.4% in FY2021.

The firm says that once the Russia / Ukraine losses are excluded, underwriting profit would have been £160 million, with a combined ratio of 95.0%.

In its financial year 2022 3Q results, which covers the nine-month period ending September 30th, 2022, MS Amlin also recently reported a net loss of £305 million.

This result was mainly due to investment losses, Hurricane Ian – which added £159 million in cat losses -, and the Russia-Ukraine conflict.

In the same period, the re/insurer’s net premiums written saw a £435 million rise, while its net premiums earned increased to £2.246 billion.

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