CCR Re 2020 financial results

CCR Re’s financial statements were approved for publication by the company’s Board of Directors on March 25, 2021.

In an exceptional environment shaped by the Covid-19 pandemic and the Beirut explosion, CCR Re preserved its margins, reporting net income for the year of €18 million.

The company’s gross written premium rose 16% to €649 million, in line with the trajectory set in the Streamline strategic plan. The business mix was as follows:

Business Mix

Gross Written Premiums +16%

(Millions of €)

CCR Re’s combined ratio stood at 103.2%. Life technical margin was 2.2%. Excluding the managed impact of the Covid-19 pandemic (€49 million before and after reinsurance) and the Beirut explosion (€24 million before reinsurance and €15 million after reinsurance), underwriting margins continued to improve thanks to pricing action.

CCR Re's return on investment was 2.6%. The portfolio had a market value of €2.9 billion at December 31, 2020, up by some €400 million (+16%) compared to the previous year-end. This increase resulted in particular from the investment of the proceeds of CCR Re’s €300 million Tier 2 subordinated notes issue in July 2020.

Cost ratio improved to 4.9%, in line with the trajectory set in the Streamline strategic plan.

EBITER came to €39 million.

CCR Re’s net income for the year was €18 million.

Solvency coverage ratio (Solvency II)

(Millions of €)

Its solvency ratio stood at 199.2% at December 31, 2020, in the optimal [180%-220%] range defined by the risk appetite framework.

Comparative tables 2019-2020

Financial information

CCR and CCR Re’s financial reports will be published on the companies’ websites on April 14.

Download CCR Group & CCR Re's financial information

Media contact

Sophie Bodin - DGM Conseil

+ 33 (0)1 40 70 11 89

s.bodin@dgm-conseil.fr

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