This annual Financial Condition Report (FCR) for the year ended 31 December 2025 was prepared for MS Amlin AG, trading under the name MS Reinsurance (‘the Company’ or ‘MS Reinsurance’).
Basis of preparation
This Financial Condition Report was prepared in compliance with the requirements of Art. 111a and 203a of the Insurance Supervision Ordinance (ISO; SR 961.011) and as further detailed in the Swiss Financial Market Supervisory Authority’s (FINMA) “Circular 2016/2: Disclosure – insurers.” This FCR is a mandatory public disclosure to meet the regulatory reporting requirements of MS Reinsurance as a Swiss regulated reinsurance entity and for no other purpose and should not be relied upon for any other such purpose. Financial information included in this report is based on data from “MS Reinsurance’s 2026 Swiss Solvency Test’s (SST) Market Consistent Balance Sheet” (for balance sheet financial information) and the “2025 Swiss Code of Obligations Annual Report” (for profit or loss information). Both were prepared in accordance with their relevant regulatory or accounting standards. Unless stated otherwise, this report represents the Company’s position as of 31 December 2025 only and will not necessarily reflect all changes in MS Reinsurance’s operations since that date. All quantitative information in this report is disclosed in USD, MS Reinsurance’s presentational currency, unless otherwise specified.
Business activities
MS Reinsurance has a global underwriting strategy prioritizing long-term client portfolios serving a variety of reinsurance clients managed across three underwriting units:
· International, which provides multi-line solutions for clients in Europe, Middle East and Africa, and the rest of the world;
· Americas, which offers multi-line solutions for clients in North and South America; and
· Specialty Lines, which services clients with unique specialized risks such as financial risks, engineering, and agriculture.
MS Reinsurance’s longer-term strategy to reduce volatility in financial results remains unchanged since 2022. The Company continued to manage the overall portfolio during 2025 by controlling its catastrophe exposure relative to other classes of business.
Performance
For the year 2025, the Company reported a net profit of USD 375.3 million (2024 net profit: USD 321.7 million) under Swiss Code of Obligations (Swiss CO). Profits were driven by MS Reinsurance strategic objective to build a well-diversified portfolio that generates stable and consistent profits. Further information on performance is provided in section 3.
Valuation for solvency purposes
MS Reinsurance’s SST 2026 Capital Ratio, described in detail in section 7, is 202%, and compares favorably with the minimum FINMA SST solvency requirement of 100%. The market value margin is USD 330.6 million. The target capital is USD 1,459.7 million, and the SST risk bearing capital is USD 2,952.5 million. Please note that SST 2026 is filed with FINMA in April 2026, simultaneously with this document.
As described throughout this document, MS Reinsurance’s SST target capital is dominated by insurance risk. Within insurance risk, reserve risk continues to be the main source of risk. Overall reserve volumes have grown during 2025, reflecting a growing volume of long-tail business and overall business growth.
The relevant measure of available “own funds” is the risk bearing capital (RBC) calculated on the SST market consistent balance sheet. MS Reinsurance has net assets under Swiss CO of USD 2,396.5 million compared to USD 3,062.9 million net assets based on SST market consistent balance sheet.
The adjustments made to move from Swiss CO balance sheet to SST market-consistent balance sheet are set out below:
Approval of the Financial Condition Report
This report was reviewed and approved, and its disclosure pursuant to FINMA’s “Circular 2016/2: Disclosure – insurers” signed off, by the Supervisory Board of MS Reinsurance on 23 April 2026.