MS Reinsurance has reported a net profit after tax of US$346 million for the year ending 2024, compared to US$366 million in 2023, according to figures released in conjunction with parent company MS&AD’s consolidated financial results on May 20, 2025.
The reinsurer recorded an improved combined ratio of 88.7% in 2024, down from 90.5% the previous year. Gross written premiums rose to US$3.6 billion, up from US$3.1 billion in 2023, reflecting the company’s ongoing strategy to expand and diversify its portfolio.
The net result was supported by lower-than-expected large loss events and favorable development from prior underwriting years. Investment gains reached US$177 million for the period, with a return on investments of 3.3%, despite ongoing geopolitical uncertainties and loss activity across the market.
In the first half of the year, the company’s profit after tax reached £128 million (US$128 million), representing a £71 million year-on-year increase. Insurance service profit rose to £138 million (US$138 million), an increase of £41 million over the same period last year.
Net premium earned increased from £1,090 million to £1,410 million, marking a 321% rise year-on-year. The company reported that its combined ratio improved to 90.2% from 91.3%, a 1.1-point reduction, while the expense ratio decreased to 31.2% from 32.6%, showing a 1.4-point improvement.
MS Reinsurance’s insurance service result also improved, increasing from US$237 million in 2023 to US$337 million in 2024. Net premiums earned rose from US$2.5 billion to US$3 billion over the same period. The company’s Swiss Solvency Test (SST) ratio also increased to 217% from 191%, indicating an enhanced capital position.
Chief executive officer Robert Wiest (pictured above) said the company experienced strong premium growth in 2024 under favorable market conditions. He said MS Reinsurance remains focused on maintaining a portfolio-based business strategy aimed at reducing volatility and strengthening profitability.
As of year-end, MS Reinsurance maintained credit ratings of A+ (stable) from AM Best and A+ (positive) from S&P Global Ratings.
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