MS Amlin’s fell to a loss of £93m in Q1 of its financial year, from of £49m in Q1 2021, as group profits at parent MS&AD shrunk by 49% to ¥60bn.
The carrier attributed the losses at MS Amlin to the impact of claims relating to Russia and Ukraine as well as a negative investment performance.
Marine direct premiums for Q1 (to June 30th) were ¥86,445m, up from ¥74,833m for the same period last year. Share of the company’s business rose to 7.7% from 7.0%.
Net premiums written in marine rose to ¥63,237m from ¥55,880m, with the share of total business rising from 5.7% to 6.2%.
Net claims paid in marine rose from ¥17,391m to ¥19,092m, a constant 3.7% of net claims paid throughout the business.
