Insurance & Reinsurance market | CCR Re's blog

CCR Re 2020 financial results

Written by CCR Re | Apr 12, 2021 6:30:00 AM

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

s.bodin@dgm-conseil.fr

 

 

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