30 April 2020 1 min read

CCR Re 2019 financial results

CCR Re maintained its record of profitable growth, reporting an increase in premium income (up 21%), an improvement in the Non-Life combined ratio (98.1%) and stable net income(€35 million).

Gross written premium totaled €562 million, up 21% compared with 2018 (including 18% growth at constant exchange rates). The business mix was as follows:

 

CCR Re breakdown of premium income 2019-1

 

Gross Written Premiums +21%

 

 

(Millions of €)

 

 

Portfolio profitability continued to strengthen during the year. Non-Life combined ratio improved significantly, falling to 98.1% despite significant Nat Cat loss ratio, as was the case in 2018, especially in Japan. Life reinsurance margin was amounted to 5.2%.

 

Non-life combined ratio

 

The overall return on investment reached 2.7%. The portfolio market value amounted to €2.5 billion at December 31, 2019, up by some €190 million (+8%) compared with the previous year-end.

 

CCR Re cost ratio improved to 5.5% in 2019.

 

Current income before equalization reserve amounted to €56 million, up 23% on 2018.

 

 

Current income +23%

 

(Millions of €)

 

CCR Re’s net income was €35 million, after deducting tax at the effective rate of 39%. In 2018, the effective rate was 0% due to the tax treatment of unrealized gains and losses on mutual funds

 

 At 185%, the subsidiary’s solvency coverage ratio at December 31, 2019 was within the optimal range of [180%-220%] established by the Risk Appetite Framework.

 

€m

2018R

2019R

 

 

 

Gross written premiums

464

562

Year-on-year change (%)

+17%

+21%

Cost ratio

5,9%

5,5%

Life technical margin

6,9%

5,2%

Net combined ratio

99,4%

98,1%

Return on investment

2,4%

2,7%

Current income before equalization reserve

46

56

Net income for the year

35

35

 

 

 

Solvency coverage ratio (Solvency II)

189%

185%

 

Financial information

 

The financial statements were approved for publication by the CCR Group's Board of Directors on April 29, 2020. The CCR Group’s statutory auditors have completed their audit of the financial statements.

Download CCR group's financial statements press release

 

Media contact

Sophie Bodin - DGM Conseil

+ 33 (0)1 40 70 11 89

s.bodin@dgm-conseil.fr