MS Amlin, the international specialty insurer that is part of Japan’s Mitsui Sumitomo group, reported first quarter 2022 results hit hard by claims from Russia and Ukraine, as well as investment losses from the investment market volatility sparked by Russia’s invasion.
The insurer reported strong revenue growth with net premiums climbing to £1.4bn in the first quarter of this year, up from 1.27bn at the same point last year.
But underwriting losses were up from £438m to reach £492m and the combined ratio reached a nasty 110.3% from 106.4% in the first quarter of 2021.
This resulted in an underwriting loss of £66m in Q1 2022 versus a loss of £41m at the same point last year. MS Amlin reported a net income loss of £93m against £49m loss in Q1 2021.
It said some £95m of the underwriting loss was related to Russia and Ukraine. This includes preliminary reserves for mainly property and cargo classes. The net profit result was also hit by an investment loss in the quarter of £21m.
Mitsui Sumitomo group said that net premiums written increased by ¥45.1bn.
Net income, however, decreased by ¥11.4bn “mainly due to the 9.1bn yen decrease in Europe”, it said.