Wednesday, 5th August 2026
Khabor Wala Desk
Published: 25th May 2026, 6:08 AM
Global reinsurance firm MS Amlin has achieved a standalone net profit after tax of $312 million (£268 million) for the financial year concluded 31 December 2025. Financial reports prepared under IFRS 17 accounting rules reveal that this milestone reflects a 79.9% increase compared to the $173.5 million (£149 million) net profit registered in the previous fiscal year.
The growth was primarily generated by a 27% rise in net premiums written, upward rate adjustments in select market sectors, and strong performance across the majority of the firm’s underwriting portfolios.
The firm’s core insurance service profit rose to $357.4 million (£307 million), up from $250.3 million (£215 million) in the prior year. At the same time, the net financial result increased to $74.51 million (£64 million) from the previous baseline of $57.04 million (£49 million).
MS Amlin’s technical underwriting profitability also strengthened, indicated by a lower combined ratio, while its operational cost base remained stable. A detailed view of the company’s financial positions is structured in the table below:
| Financial Metric (IFRS 17) | 2024 Financial Baseline | 2025 Financial Outcome | Year-on-Year Growth / Shift |
| Net Profit After Tax | $173.5m (£149m) | $312.0m (£268m) | +79.9% |
| Insurance Service Profit | $250.3m (£215m) | $357.4m (£307m) | +42.8% |
| Net Financial Result | $57.04m (£49m) | $74.51m (£64m) | +30.6% |
| Net Premiums Written | $1.72b (£1.48b) | $2.19b (£1.88b) | +26.9% |
| Net Premiums Earned | $1.83b (£1.57b) | $2.07b (£1.78b) | +13.3% |
| Combined Ratio | 86.2% | 83.0% | -320 bps (Improvement) |
| Expense Ratio | 37.0% | 37.3% | +30 bps (Stable) |
To expand its underwriting footprint and secure additional growth opportunities, MS Amlin established a new Lloyd’s sub-syndicate, s1673, during the 2025 trading cycle. Under the corporate framework, all insurance risks written by this new sub-syndicate are consolidated directly into the firm’s primary vehicle, Syndicate 2001.
The company achieved these positive financial results despite managing several major natural catastrophe claims over the year. The most notable exposure occurred within the United States, where the company absorbed underwriting claims tied to the devastating Los Angeles wildfires.
The published data reflects MS Amlin’s standalone operational results as an integral subsidiary unit of the global insurance conglomerate MS&AD Insurance Group Holdings.
Looking forward into the next financial year, the parent group has issued a cautious corporate forecast. MS&AD projects that global insurance revenue will remain stable. However, adjusted net profits are forecast to decline due to softening pricing structures across the international reinsurance sector, alongside an anticipated return to more normalised, historical averages for natural catastrophe losses.
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