MS&AD Lloyd's and reinsurance GWP up 26.7% in FY2024
By Michael Jones
May 20 - (The Insurer) - Japanese insurer MS&AD's Lloyd's and reinsurance business reported net income of 73.3 billion yen ($510 million) for its 2024 financial year, the company said on Tuesday.
This was a 12.2% drop on the prior year's result, which MS&AD said was due to the absence of temporary factors from the previous period.
Gross written premium in its Lloyd's and reinsurance business increased by 26.7% year on year to 814.6 billion yen, thanks to an increase in new business driven by diversification across multiple product lines.
MS Amlin reported a combined ratio of 86.2%, a deterioration of 3.9 percentage points on the prior year period. MS Reinsurance reported a combined ratio of 88.7%, an improvement from 90.5% in 2023.
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