MS Amlin reveals huge turnaround

MS Amlin reveals huge turnaround | Insurance Business Australia

Insurance News

MS Amlin reveals huge turnaround

Chief exec says they’re “reaping the rewards of our transformation efforts”

Insurance News

By
Terry Gangcuangco

MS Amlin has reported its financial results for the past year, announcing a major turnaround from its operating loss in 2022.

The Lloyd’s (re)insurer noted: “We delivered an exceptionally strong financial and operating performance in 2023, marking a significant milestone in the transformation of our business.

“Operating profit increased to £256.8 million, an improvement from the previous year’s loss of £46.7 million. The strength of the underlying underwriting performance is evidenced by a significantly improved adjusted combined ratio of 86.6% (2022: 96.2%) – the lowest in a decade, and best since the company was acquired by Mitsui Sumitomo in 2016.”

Lifting the lid on the numbers, MS Amlin cited improved risk selection and actions aimed at refining its core underwriting portfolio. The company said it worked on enhancing the quality and mix of its business while reducing attritional losses and managing costs.

Additionally, MS Amlin enjoyed a “relatively benign” natural catastrophe year that was coupled with an attractive rate environment. At the same time, further significant improvements in operational efficiency and the client experience were made in 2023.

“These record results return MS Amlin to a position of significant profitability,” MS Amlin chief executive Andrew Carrier said in an emailed release. “In a landmark year for our business, we delivered a positive swing in profits of more than £300 million, and a near double-digit improvement in our combined ratio – our best in at least a decade.

“As these numbers show, we are reaping the rewards of our transformation efforts. We’re now a simpler organisation, focussed on our core strengths of rigorous risk selection and a quality claims service – and this is driving a strong improvement in profitability.

“I’m extremely grateful to my colleagues for their hard work in delivering these results, and our parent company and brokers for placing their trust in us. While we’ve restored our business to profitable growth, I believe the best opportunities lie ahead of us. We’re now focussed on achieving sustainable long-term performance, as we fulfil our purpose of providing continuity for clients in an uncertain world.”

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