MS Amlin reported an insurance service profit of £183 million (around SG$315 million) for the nine months ended September 2025, rebounding strongly from California wildfire losses that added 10 percentage points to its first-half combined ratio

The insurer also demonstrated insurance underwriting discipline that outperformed the broader Lloyd's market.

The Lloyd's syndicate's combined ratio improved to 86.1% for the nine-month period from 88.8% in the same period of 2024, positioning MS Amlin well below Lloyd's market average of 92.5% for H1 2025, market data showed.

Lloyd's combined ratio rose from 83.7% in H1 2024, driven primarily by California wildfires which contributed a reported net loss of £1.7 billion to the market.

Profit after tax reached £162 million for the nine months, up £59 million from £103 million in the prior year period, whilst net financial result increased by £14 million to £43 million, results showed.

Wildfire losses weigh on first half

The Q3 results represent a recovery from H1 2025 when California wildfires increased MS Amlin's combined ratio by 10 percentage points to 94.5%, company disclosures indicated. Profit after tax for the first half stood at £47 million compared to £87 million in the same period of 2024.

Researchers at UCLA estimate that total property and capital losses from the January 2025 California fires range from US$76 billion to US$131 billion, with insured losses estimated at up to US$45 billion.

Projections estimated insurance claims from the wildfires would exceed US$20 billion, setting a new record for wildfire-related insurance losses in US history.

The 86.1% nine-month combined ratio positions MS Amlin favourably against Lloyd's benchmarks, with the market's chief financial officer emphasising that at a market level, maintaining an underlying combined ratio at or below 80% remains key to withstand volatility in major losses.

Premium surge drives Phoenix Re expansion

Net premium written totalled £1.49 billion for the nine-month period, representing a £380 million increase from £1.11 billion in the first nine months of 2024. The expense ratio stood at 36.0%, compared to 36.4% in the same period last year.

Separately, MS Amlin renewed its Phoenix Re catastrophe bond for the sixth consecutive year, increasing collateralised capacity to US$115 million, representing the largest issuance since the Singapore-based vehicle launched in 2021, company announcements showed.

The 2026 fundraise was the smoothest to date, reflecting growing investor familiarity with Asia, with Phoenix Re delivering average annualised returns of 9%, Tim Yip, executive director and head of ILS Advisers, said.

The Phoenix portfolio provides access to around 20 regional perils through approximately 200 reinsurance policies without clashing exposures across APAC and MENA, Yip said. Catastrophe bond issuance exceeded US$18 billion by the end of Q3 2025, with the outstanding market estimated at about US$56 billion, industry data showed.

All figures were reported under IFRS 17 accounting standards. MS Amlin operates as part of the MS&AD insurance group.