MS Reinsurance reports ‘strong’ 2024 with improved combined ratio and net profit of $346m

Global reinsurer MS Reinsurance announced today that it produced a net profit of $346 million after tax for the year ended 2024, compared to $366 million for the year ended 2023¹.

The announcement follows on from the release by parent company, MS&AD², of the insurance group’s consolidated financial results for the full year 2024 on May 20, 2025.

MS Reinsurance’s combined ratio improved from 90.5% in 2023 to 88.7% in 2024, and gross written premiums increased from $3.1 billion in 2023 to $3.6 billion in 2024.

“2024 was another very strong year driven by significant premium growth in continued favorable market conditions,” said Chief Executive Officer Robert Wiest. “We are committed to putting the client at the heart of everything that we do, taking a portfolio approach to the business, decreasing volatility and growing our profitability. Our 2024 results show that we are delivering on these key objectives.”

In a letter to stakeholders published alongside the company’s Financial Condition Report, Mr. Wiest commented further on the strategic themes underlying the company’s performance. “2024 reinforced the power of consistency in our strategy, our partnerships, and the discipline of our execution. We continued to grow, but growth for the sake of growth has never been our aim. We focus on cultivating relationships with clients who share our values and vision.” Read the full letter here.

In April 2024, S&P Global Ratings affirmed the company’s Financial Strength Rating of A+ and lifted its outlook from “Stable” to “Positive”. S&P attributed the positive outlook to improved operating performance and a potential elevation of the company’s status within the MS&AD Insurance Group to core group status.

Mr. Wiest concluded, “We continue to grow our diversified portfolio profitably as favourable market conditions persist in 2025, and we remain focused on being a stable, reliable partner for our clients and a thoughtful steward of this business.”

Net profit of $346 million

Despite a continuously uncertain geopolitical environment and significant loss activity throughout the year, MS Reinsurance reported a net profit after tax for 2024 of $346 million as a result of strong underwriting and investment results. The impact from large loss events in 2024 was considerably below the company’s large loss budget and favorable prior year developments added to the strong underlying results. In the face of continued market volatility, MS Reinsurance recorded investment gains of $177 million with a return on investments of 3.3%.

Gross Written Premiums grow to $3.6 billion from $3.1 billion in 2023

MS Reinsurance was able to continue top line growth in a favorable market environment, in line with the company’s strategy to build a diversified and well-balanced portfolio.

Combined Ratio improves to 88.7%

The strong combined ratio for 2024 of 88.7%, compared to 90.5% in 2023, reflects the company’s strong underwriting performance, consistent with our strategy to diversify our portfolio and reduce volatility.

Key Financial Data
in USD millions	2024	2023
Gross premiums written	3,627	3,085
Net premiums earned	2,982	2,495
Insurance service result	337	237
Profit after tax	346	366
Combined ratio	88.7%	90.5%
SST ratio	217%	191%
Credit Ratings	FSR
AM Best	A+ (stable)
S&P Global Rating	A+ (positive)

About MS Re

MS Reinsurance is a global reinsurer domiciled in Switzerland with underwriting offices in Zurich, Bermuda, Miami, and New York. The Company underwrites non-life treaty reinsurance solutions on a worldwide basis through its three business units: Americas, International, and Specialty Lines. As part of the world-leading insurance group MS&AD, MS Reinsurance combines reliability and agility to make its clients' businesses stronger. With a drive to move quickly and a commitment to long term partnership, MS Reinsurance supports its partners with the momentum and stability they can build on.

____________________

1 The 2023 result after tax reflected a one-off impact of $93 million in deferred tax assets in anticipation of the introduction of a corporate tax system in Bermuda.

2 In the consolidated financial results of MS&AD Group, a net profit after tax of $317 million is disclosed for MS Reinsurance, reflecting adjustments in relation to the differing financial year reporting period (April to March).

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250520871677/en/