CCR Re posts sturdy progress in monetary outcomes

CCR Re has introduced monetary outcomes for the yr 2023, marking a interval of great progress amid a difficult financial panorama.

The reinsurer stated that it navigated an inflationary setting that exerted strain on declare prices, and due to this fact it tailored a cautious method in its evaluations. It contended with a notable enhance in disaster claims inside its operations, attributed to the frequent prevalence of large-scale secondary dangers.

Regardless of these challenges, CCR Re skilled a buoyant monetary market setting. The corporate’s whole gross sales for 2023 reached €1,186 million, marking a 20% enhance from 2022 at present trade charges, and 23% at fixed trade charges.

The life insurance coverage enterprise maintained its premium quantity, with notable progress noticed in Latin America. The non-life insurance coverage enterprise noticed uniform progress throughout varied areas, significantly outperforming in Canada and Latin America.

Higher ratios regardless of nat cat prices

Regardless of going through elevated prices from pure catastrophes and ongoing inflation, which contributed 380 foundation factors to the mixed ratio, CCR Re improved its mixed ratio to 96.6% below French GAAP, in comparison with 98.7% in 2022. The life insurance coverage portfolio additionally noticed enhanced profitability with a technical margin of three.9%.

The corporate’s funding yield stood at 2.4%, excluding an €84 million enhance in unrealized capital positive factors, with whole belongings valued at €3.6 billion at market worth. Operational modifications led to a slight enhance in the fee ratio to 4.3%.

CCR Re’s monetary well being was additional underscored by an EBITAER of €88 million and a internet revenue of €56 million for 2023, enhancements from the earlier yr. Moreover, the solvency ratio on the finish of 2023 was reported at 208%.

Patrick Bernasconi, president of the board, recommended the outcomes as being consistent with the targets of its newly established marketing strategy.

“The 2023 CCR Re outcomes are completely aligned with the marketing strategy arrange by the brand new board of administrators. I want to congratulate the CCR Re groups for yet one more achievement in addition to CCR Re’s shoppers and companions for his or her loyalty,” Bernasconi stated.

Bertrand Labilloy, chief govt officer, additionally highlighted the milestone of surpassing one billion euros in gross sales.

“Continued worthwhile progress confirms the relevance of our technique, supported by final yr’s capital enhance. CCR Re now has all of the required assets to turn into a key participant inside the reinsurance market in Paris, consistent with its ambitions,” Labilloy stated.

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