Zurich-based reinsurer MS Reinsurance (MS Re), part of the global insurance group MS&AD, reported a net income of $155 million for the first half of 2025, reflecting a 21% increase of $27 million compared to the same period in the previous year. The company’s combined ratio improved, despite a rise in incurred losses year-on-year.
MS Re’s insurance service profit for H1 2025 reached $164 million, up $26 million, or 19%, from $138 million in H1 2024.
The reinsurer’s financial profit grew to $30 million from $27 million, driven by $98 million in investment income, partially offset by $68 million in insurance service expenses. This compares to $29 million in investment income and just $6 million in insurance service expenses in the same period last year.
Net premiums written for H1 2025 rose by $359 million, or 15%, reaching $2.762 billion, up from $2.404 billion in H1 2024. Net premiums earned also increased by $121 million, or 9%, to $1.531 billion, compared to $1.41 billion in H1 2024.
Incurred losses, including loss adjustment expenses, grew by $37 million year-on-year, totalling $869 million in H1 2025. However, the loss ratio, excluding the change in the loss component, improved to 56.7% from 59% in the previous year.
At the same time, acquisition and operating expenses rose by $58 million to $499 million, with an expense ratio (excluding the loss component change) of 32.6%, up from 31.2% in H1 2024.
MS Re’s combined ratio for H1 2025 was 89.3%, a solid improvement of 0.9 percentage points from 90.2% in H1 2024. This performance was driven by strong premium growth, continued business expansion, well-managed portfolios, and strong attritional loss ratios.
MS&AD announced these results for MS Re alongside those of its MS Amlin business, which also showed positive performance despite the impacts of the California wildfires in January.