MS Amlin reported a 79.9% rise in full-year profit after tax to £268 million for 2025, up from £149 million a year earlier, with the latest results marking a third consecutive year of growth for the Lloyd's-focused carrier.
Insurance service profit climbed to £307 million from £215 million, while the net financial result improved to £64 million from £49 million. The combined operating ratio improved to 83.0% from 86.2%, even with elevated catastrophe activity that included the Los Angeles wildfires earlier in the year.
Net premium written rose 26.9% to £1.884 billion from £1.485 billion, with net premium earned up 13.3% to £1.784 billion from £1.575 billion. The expense ratio edged up to 37.3% from 37.0%.
Trading momentum held across most classes despite rate softening in several areas, with the carrier attributing the performance to disciplined underwriting and continued portfolio and cost management.
The IFRS numbers echo the trajectory seen at MS Amlin Syndicate 2001, which reported underwriting profit up 50.2% to $350 million for the year ending December 31, 2025 under UK GAAP, alongside gross written premiums up 9.6% to $2.876 billion and net earned premiums up 18.5% to $2.389 billion.
The syndicate's combined operating ratio improved to 85.4% from 88.9%, with growth partly driven by a strategy to retain a greater share of risk and favorable outwards reinsurance pricing.
MS&AD is in the process of transitioning its reporting framework from Japanese GAAP to IFRS, which means certain forward-looking metrics now span different accounting periods.
For the fiscal year running April to March, MS Amlin expects insurance revenue to remain broadly stable versus fiscal year 2025, with a forecast year-on-year change of 0.6%, reflecting an ongoing soft market and a selective underwriting stance.
Adjusted profit is forecast to come in below the prior year, reflecting both underwriting discipline in a softer rating environment and a return to more normal natural catastrophe loss levels after an unusually benign 2025.
The carrier said the projection continues to demonstrate the resilience of its profitability despite evolving market conditions, with the 2026 results outlook positioning MS Amlin against a broader Lloyd's market navigating softer pricing across multiple lines.
