MS Amlin delivers third straight year of underwriting gains

MS Amlin Syndicate 2001 reported another year of strong underwriting performance, with profit rising 50.2% to $350 million in 2025, up from $233 million a year earlier.

Growth was supported by higher premium volumes and improved risk selection. Gross written premium increased 9.6% to $2.9 billion, while net earned premium rose 18.5% to $2.4 billion, reflecting stronger trading momentum and a strategy to retain more risk.

Profitability improved across key metrics. The combined ratio fell to 85.4% from 88.9%, outperforming the broader market, while the attritional loss ratio improved to 42.5%. The net claims ratio also declined to 50%, despite exposure to events such as the California wildfires.

The expense ratio ticked up to 35.3%, driven by higher acquisition costs, partially offset by lower administrative expenses.

CEO Christiern Dart pointed to disciplined underwriting, portfolio management, and coordination across underwriting and claims as key drivers of performance, adding that the company continued to benefit from its position within the broader MS&AD network.

The results mark a third consecutive year of improved underwriting outcomes, even as pricing conditions softened in the second half of the year.