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
|
€m |
2019R |
2020R |
|
|
|
|
|
Gross written premium |
562 |
649 |
|
Year-on-year change (%) |
+21% |
+16% |
|
Cost ratio |
5,5% |
4,9% |
|
Life technical margin |
5,2% |
2,2% |
|
Net combined ratio |
98,1% |
103,2% |
|
Return on investment |
2,7% |
2,6% |
|
EBITER |
60 |
39 |
|
Net income for the year |
35 |
18 |
|
|
|
|
|
Solvency coverage ratio (Solvency II) |
185% |
199% |
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
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