MS Reinsurance reports ‘excellent’ year with improved combined ratio and net profit increasing to $415 million

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ZURICH — Global reinsurer MS Reinsurance announced today that it produced a net profit of $415 million after tax for the year ended 2025, compared to $346 million for the year ended 2024.

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The announcement follows on from the release by ultimate parent company, MS&AD¹, of the insurance group’s consolidated financial results for the full year 2025 on May 20, 2026.

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“2025 was an excellent year for the company as we delivered a significantly increased net profit of $415 million, based on excellent underwriting and investment performance. This is the third year in a row that we have delivered profits to our shareholder,” said Chief Executive Officer Robert Wiest. “We have achieved this success because we have had a clear objective: to create a company that is a stable, reliable, and valuable partner to our clients across the cycle. Every decision we have taken – strategically, culturally, and organizationally – has been guided by this ambition.”

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In a letter to stakeholders published today, Mr. Wiest commented further on the strategic themes underlying the company’s performance. “Today, MS Reinsurance is fundamentally different from where it was four years ago. We deliberately de-risked and rebalanced our portfolio, strengthened governance throughout the organization, and reimagined how we operate across functions and geographies. We clarified who we are and what we stand for, with a clear strategy and value proposition rooted in knowing our clients deeply, being easy to work with, and delivering value efficiently.” Read the full letter here. In April 2026, S&P Global Ratings affirmed the company’s financial strength rating of ‘A+’ with a stable outlook and also raised its long-term issuer credit rating from ‘A’ to ‘A+’ following an uplift of the group status assessment of MS Reinsurance. Earlier this month, AM Best also affirmed the company’s financial strength rating of A+ with a stable outlook and has upgraded the long-term issuer credit rating from ‘aa- (Superior)‘ to ‘aa (Superior)’ following the assignment of a full rating enhancement. The uplift in issuer credit ratings from both agencies reflects the increased strategic and financial importance of MS Reinsurance to its parent Mitsui Sumitomo Insurance Company, Limited.

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Mr. Wiest concluded in his letter to stakeholders: “Reinsurance is inherently cyclical, which makes consistency both difficult and essential. Our strategy is designed to hold across the full cycle, not just when conditions are favorable.”

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Increased net profit

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2025 was another strong year for MS Reinsurance, with a net profit after tax of $415 million, as a result of significant positive contributions from both underwriting and investments. MS Reinsurance reported a strong investment result of $307 million and an investment return of 4.7%, despite continued financial market volatility.

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Gross Written Premiums grow to $3.9 billion from $3.6 billion in 2024

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MS Reinsurance was able to continue top line growth from $3.6 billion to $3.9 billion in line with growth plans and the company’s strategy to continue to build a diversified and well-balanced portfolio.

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Combined Ratio improves to 87.4%

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The strong combined ratio for 2025 of 87.4%, compared to 88.7% in 2024, was mainly a result of a benign loss experience mainly from shorter tail classes as well as favorable discounting impact.

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Key Financial Data

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About MS Re

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MS Reinsurance is a global reinsurer domiciled in Switzerland with offices in Zurich, Bermuda, Miami, New York, London and Labuan. The Company underwrites non-life treaty reinsurance solutions on a worldwide basis through its three underwriting 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.

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Contacts

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