MS Amlin: Lloyd’s syndicate reports triple-digit growth in insurance service

MS Amlin’s Lloyd’s of London syndicate reported an large jump in profit from underwriting from its insurance services, as partner group revises its full-year outlook.

Amlin Underwriting Limited (AUL)’s insurance service generated £116m for the six months to 30 June 2024, up nearly 158 per cent per cent from the £45m reported the same time last year.

Its combined ratio improved to 84.5 per cent, driven by “continued strong underwriting fundamentals” which was “fully absorbed by the impact of the Baltimore Bridge loss at Q1.”

AUL’s financial profit increased to £16m, up £25m year-on-year driven by “continued favourable investment returns in non-duration investment”. While its net income leaped as the insurer reported £87m, a £83m increase on its £4m reported last year.

The results were part of the MS&AD Insurance Group Holdings Q2 results, which saw the Japanese company revise its full-year forecast of its adjusted profit to increase by JPY40bn (£206m)to JPY670bn (£3.5bn).

It also revised its FY forecast for its consolidated net income, to increase by JPY20bn (£103m) from the initial forecast to JPY630bn (£3.25bn).

For the second quarter, the group increased its net premiums written by JPY269.5bn (£1.39bn) year on year, up nearly 12 per cent on last year’s figure. While its net income increased by JPY371.4bn (£1.92bn) year-on-year to JPY458.9bn (£1.36bn).

Despite the revise figures for its forecast, the group’s annual dividend per share for FY2024 will remain unchanged from the initial forecast, which is JPY145 (£0.74).

The group is listed on the Tokyo Stock Exchange.