MS Reinsurance has reported a net profit after tax of $415 million for the year ended 2025, up from $346 million in 2024, with the global reinsurance carrier crediting both underwriting and investment performance for the improved results.
The release follows the publication of full-year 2025 consolidated financial results by ultimate parent MS&AD.
"2025 was an excellent year for the company as we delivered a significantly increased net profit of $415 million, based on excellent underwriting and investment performance. This is the third year in a row that we have delivered profits to our shareholder," said chief executive officer Robert Wiest (pictured above).
Wiest said the outcome reflects a strategy aimed at positioning the reinsurer as a stable counterparty across the cycle, with strategic, cultural and organizational decisions guided by that objective.
In a separate letter to stakeholders, Wiest said MS Reinsurance is "fundamentally different from where it was four years ago," pointing to a de-risked and rebalanced portfolio, strengthened governance and a reworked operating model across functions and geographies.
The carrier's ratings position also strengthened in 2026. In April, S&P Global Ratings affirmed its 'A+' financial strength rating with a stable outlook and raised its long-term issuer credit rating to 'A+' from 'A,' following an uplift in its group status assessment.
Earlier this month, AM Best upgraded the long-term issuer credit ratings of MS Reinsurance and MS Reinsurance America to "aa" from "aa-," while affirming financial strength ratings of A+ (Superior).
The agency linked the action to full rating enhancement from parent Mitsui Sumitomo Insurance and the increased strategic importance of MS Reinsurance to the wider MS&AD group.
Wiest noted that reinsurance is inherently cyclical, adding that the company's strategy is designed to hold across the full cycle rather than only in favorable conditions.
On the underwriting side, gross written premiums rose to $3.9 billion from $3.6 billion in 2024, in line with the company's plans to build a diversified portfolio. The combined ratio improved to 87.4% from 88.7%, supported by a benign loss experience in shorter-tail classes and favorable discounting impact.
The investment result came in at $307 million, with an investment return of 4.7%, despite continued financial market volatility.
Other figures in the 2025 results show net premiums earned of $3.42 billion, up from $2.98 billion a year earlier, with the insurance service result climbing to $430 million from $337 million. The Swiss Solvency Test (SST) ratio stood at 202%, compared with 217% in 2024.
The 2025 results mark a third consecutive profitable year for MS Reinsurance, following $366 million in 2023 and $346 million in 2024, with combined ratios improving from 90.5% to 87.4% over that span.
