MS Reinsurance reports ‘strong' 2024 with improved combined ratio and net profit of $346m
The announcement follows on from the release by parent company, MS&AD 2, 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.
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).
Expand
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
3 minutes ago
- Business Wire
LeafWorks Expands Botanical Species ID Testing to Cover the Top 75 Herbs and Fungi for Natural Products and Foods
SEBASTOPOL, Calif.--(BUSINESS WIRE)-- LeafWorks, a trailblazing botanical genomics and testing company for natural products, today announced the expansion of its DNA-based species identification services to include the most widely used herbs and fungi in natural products and foods, and their common adulterants. 'The natural products industry has long faced significant gaps in robust identification testing for challenging herbs and complex formulations. Our genetic approach fills those gaps,' - Kerin Law, Ph.D., LeafWorks Chief Scientific Officer Share In an industry where DNA testing options are lacking yet identification problems persist, this is a significant leap forward in botanical identification capabilities. The new DNA testing options give product manufacturers and sourcing managers an accurate, scalable way to confirm botanical identity—whether validating a single species or identifying multiple plant and fungal components in complex formulations. The expanded Botanical ID Testing service now offers two formats of species identification: LeafWorks® Botanical DNA ID Tests —Confirms whether a sample contains a specific species, answering the question, 'Is this the species I think it is?' LeafWorks® Adulteration DNA ID Testing —Detects common adulterants or substitutions used in natural products which can escape visual or chemistry-based detection. These are also species commonly used in many food products such as peanut, rice and wheat. These tests focus on providing reliable and robust ID testing options for the top 75 herbs and fungi in natural products, as well as common and product-specific adulterants, to solve a comprehensive scope of identification needs. Validated against a global genomic library with thousands of authenticated Botanical Reference and Certified Reference Materials—including common lookalikes, closely related sister species and adulterants—these sequencing-based tests meet 21 CFR Part 111 requirements for third-party identity verification and support full supply chain traceability. Adulteration is common in the global botanical trade, whether intentional or a byproduct of complex supply chains, such as mistaken identity. LeafWorks' DNA-based testing helps manufacturers safeguard product integrity, make informed sourcing decisions, ensure label accuracy, reduce regulatory risk, and maintain compliance. 'The natural products industry has long faced significant gaps in robust identification testing for challenging herbs and complex formulations. Our genetic approach fills those gaps,' said Kerin Law, Ph.D., LeafWorks' Chief Scientific Officer. 'DNA cannot be masked or changed. If it's present, even at trace levels, we will find it and accurately identify it using our industry-leading genomic database that took years to build with thousands of reference materials. Our clients need reliable answers, and this testing delivers exactly that.' Unlike other methods such as microscopy or macroscopy—which struggle to identify ingredients in highly processed or derived materials—or chemistry-based tests, which can miss ingredients with overlapping profiles or masked compounds, DNA analysis targets the underlying genetic code itself. As a stable, discrete material, DNA remains unaffected by cultivation conditions or the bringing together of multiple ingredients. Challenges in current identification methods are especially acute for blended products with multiple species where misidentification risk is higher — yet this is where DNA testing excels. 'DNA is built for testing identity. Development of orthogonal DNA-based identification methods that look at entire genomes and move beyond problematic barcodes or marker types will add a depth of certainty currently lacking in many species,' said LeafWorks CEO Eleanor Kuntz, Ph.D. LeafWorks' advantage goes beyond its industry-leading DNA database. By focusing on areas of the genome that are unique to each species, the company ensures the highest accuracy. Its substantial investment in a proprietary database and advanced bioinformatics pipeline enables rapid identification of these species-specific markers across thousands of samples at once, delivering unmatched precision in species identification. By integrating genomic science into routine quality control workflows, LeafWorks provides manufacturers with actionable data that supports both regulatory compliance and consumer trust. These tests help quality-assurance and quality-control teams verify ingredient identity, guide product development, assess purity, and give sourcing managers the confidence to purchase large global shipments knowing they have the correct material. 'Having reliable testing options is critical for satisfying label requirements such as 21 CFR 111, and designing a robust test takes careful genomic R&D,' added Laura Klein, Ph.D., Director of Herbal Research. 'We're proud to expand our testing to cover the top herbs and fungi used across the natural products industry, backed by rigorous methodology.' LeafWorks' Botanical ID Testing is immediately available to customers in the dietary supplements, herbal medicine, foods, cosmetics, and natural products across a diverse array of product types. For more information or to inquire about testing, visit or contact info@ About LeafWorks LeafWorks Inc. is a botanical genomics company conducting cutting-edge research and developing commercial DNA testing services for natural products. Co-founded by CEO Eleanor Kuntz, Ph.D., and CSO Kerin Law, Ph.D., the company combines scientific rigor with uncompromising ethics, specializing in DNA identification—from species ID down to trait detection—to protect and empower business operators. The company provides the necessary testing and services that help cultivators preserve their genetic IP, improve efficiency and ultimately evolve their operations. Learn more about LeafWorks Inc. at and connect on Facebook, Instagram, X and LinkedIn.
Business Wire
3 minutes ago
- Business Wire
CILA Therapeutics Awarded NCATS Grant to Advance a Transformational Platform That Significantly Enhances Inhaled Delivery of RNA-LNP Into Lung Cells
BOSTON--(BUSINESS WIRE)-- CILA Therapeutics has been awarded a competitive grant from the National Center for Advancing Translational Sciences (NCATS), part of the National Institutes of Health (NIH), to advance the development of its proprietary CIL-Key™ platform — a novel, gene-agnostic delivery technology that significantly and reproducibly enhances the transfection efficiency and delivery of inhaled RNA-loaded lipid nanoparticles (RNA-LNPs) into lung epithelial cells. 'This milestone provides strong validation of CILA's scientific approach and vision to deliver practical, scalable and patient-centric solutions for some of the most formidable challenges in pulmonary medicine," said Safia Rizvi, CEO, CILA Therapeutics Share In preclinical studies, the CIL-Key™ platform (also referred to as CIL-0X in the grant) achieved up to a 430% increase in delivery of functionally intact RNA into human bronchial epithelial cells cultured at an air-liquid interface (ALI), demonstrating utility across multiple RNA-LNP formulations. 'This milestone provides strong validation of CILA's scientific approach and vision to deliver practical, scalable and patient-centric solutions for some of the most formidable challenges in pulmonary medicine,' said Safia Rizvi, CEO of CILA Therapeutics. CIL-Key™ is designed to enable efficient, localized intracellular delivery of RNA-based modalities while minimizing systemic exposure. The platform could offer significant advantages for companies developing inhaled RNA therapies and vaccines for a broad range of lung diseases, including Primary Ciliary Dyskinesia (PCD), Cystic Fibrosis (CF), COPD and Pulmonary Fibrosis, as well as respiratory infections including influenza, RSV and COVID-19. Chronic pulmonary diseases affect more than 34 million people in the U.S. and more than 545 million globally. These often progressive, life-limiting conditions have a significant impact on quality of life and a high economic burden, creating an urgent demand for novel, effective and easy-to-administer treatments like those powered by CIL-Key™. About CILA Therapeutics CILA Therapeutics is a biotechnology company focused on improving lung health through transformative, scalable, accessible therapies and technologies that easily integrate into patients' daily lives. Its vision is to empower people with pulmonary diseases to breathe easily and live fully. CILA's pipeline includes first-in-class inhaled therapeutics and CIL-Key™, a proprietary platform to enhance delivery of RNA-based therapeutics and vaccines targeting a wide spectrum of pulmonary diseases. Visit CILA is actively seeking strategic partnerships to expand the platform's application across diverse RNA-based pipelines for rare and common pulmonary indications.
Business Wire
3 minutes ago
- Business Wire
O.C. Tanner Launches Buy Up, Offering New Ways to Earn and Claim Awards
SALT LAKE CITY--(BUSINESS WIRE)-- O.C. Tanner, the global leader in employee recognition and workplace culture solutions, proudly announces the launch of Buy Up, a new feature designed to make rewarding employees easier, more flexible, and more impactful than ever. 'The purpose of recognition programs is to motivate, inspire, and help people thrive at work,' said Chief Product Officer Dave Hilton. 'Buy Up only builds on that purpose by providing greater freedom for employees to engage with their recognition platform. I'm proud of our team for continuing to innovate at the intersection of appreciation and technology.' Buy Up is a new feature within O.C. Tanner's Culture Cloud platform, an employee recognition solution to help companies appreciate great work. With Buy Up, employees around the world can now enhance their recognition experience by electing to add points to their existing balance of credits for great work to enable a faster path to the reward they want. The feature is available at any time in Culture Cloud's award store and activates automatically when a user's cart exceeds their available point balance, creating a convenient way for the recipient to receive the awards they want most. Designed with flexibility and scalability in mind, Buy Up supports global transactions while ensuring data security. O.C. Tanner does not store or access payment information, and there are no processing fees from the company. For more information about O.C. Tanner's complete recognition platform, Culture Cloud, visit About O.C. Tanner O.C. Tanner is the global leader in software and services that improve workplace culture through meaningful employee recognition experiences. Our Culture Cloud employee recognition platform helps millions of people thrive at work. Our team of more than 1,500 programmers, researchers, designers, client professionals, and craftspeople hail from 58 countries and speak 62 languages. Together, we create the technology, tools, and awards that help our clients shape productive work environments, drive innovation, and fuel positive business results. Learn more at
