MS Amlin claims big swing to 2023 profit following remediation

Global re/insurer and Lloyd's player MS Amlin trimmed 9.6 points from its adjusted combined ratio, swinging back to an operating profit for full-year 2023.

“We are reaping the rewards of our transformation efforts,” CO Andrew Carrier said of results. “This is driving a strong improvement in profitability.”

The 9.6 point cut in the adjusted combined ratio rendered a decadal low of 86.6%, the single best margin reading since before the group was acquired by Mitsui Sumitomo in 2016.

MS Amlin gave some credit to a “benign” nat cat year and the “attractive rate environment,” but insisted that “substantial” gains had also come from its portfolio remediation and transformation.

“In 2023, we continued to take material actions to enhance the quality and mix of our business, reduce attritional losses, and manage our costs and capital base,” management said.

Operating profit swung to a £256.8 million gain from a prior year loss of £46.7m.

The privately held insurer did not reveal any more detailed financial results in its statement.

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