CCR Re Annual Results 2023: Strong Growth in a Buoyant Environment
April 10 2024 - 5:06AM
Business Wire
Regulatory News:
On 2nd April 2024, the CCR Re (Paris:CCRAA) Board of Directors
met to approve the accounts for the 2023 financial year.
Patrick Bernasconi, President of the Board, issued the
following statement:
“The 2023 CCR Re results are perfectly aligned with the business
plan set up by the new Board of Directors. I would like to
congratulate the CCR Re teams for yet another achievement as well
as CCR Re’s clients and partners for their loyalty.”
Bertrand Labilloy, Chief Executive Officer, added:
“In 2023, CCR Re went well past the one billion euros sales
milestone. Continued profitable growth confirms the relevance of
our strategy, supported by last year’s capital increase. CCR Re now
has all the required resources to become a key player within the
reinsurance market in Paris, in line with its ambitions.”
Key events
- The inflationary context has continued to weigh on the cost of
claims and has been evaluated prudently.
- Cat claims were particularly high within the CCR Re perimeter,
due to the high frequency of large-scale secondary risks.
- Financial markets have benefited from a buoyant environment:
recession has been avoided, margins have been upheld and
disinflation has arrived.
French GAAP results
- CCR Re continued its profitable growth trajectory with the
unchanged objective of doubling sales and improving profitability
by 300 bps by 2027.
- Total sales reached €1,186 million in 2023, up 20% on
2022 at current exchange rates (23% at constant exchange
rates). Premium volume in the Life business remains stable overall
despite good growth in Latin America. Growth in the Non-Life
business is similar across all countries with an outperformance in
Canada and Latin America.
- The combined ratio improved despite a strong rise in the
cost of natural catastrophes (€117 million gross and €88
million net of retrocession compared with €62 million gross and €35
million net in 2022) and the persistent cost of inflation which
accounted for 380 bps of the combined ratio. In the end, the
combined ratio was 96.6% under French GAAP (vs. 98.7% in 2022).
Within Life activity, the portfolio profitability improved with a
technical margin of 3.9%.
- The book yield on CCR Re assets was 2.4%, excluding the
increase in unrealised capital gains which amounted to €84 million
on total assets of €3.6 billion at market value.
- CCR Re’s cost ratio reached 4.3%, an increase in comparison to
2022 due to the operational separation from CCR.
- CCR Re generated an EBITAER of €88 million and a net income
of €56 million, up on 2022 (€64 million and €42 million
respectively).
- CCR Re’s solvency ratio at 31/12/2023 was 208%.
[Graphic omitted]
€ (million)
2022
2023
Gross Sales
987
1,186
Variation N/N-1 (%)
+17%
+20%
Cost Ratio
4.1%
4.3%
Life Margin Rate
3.6%
3.9%
Net Combined Ratio
98.7%
96.6%
Return on Investment
2.3%
2.4%
EBITAER
64
88
Net Income
42
56
Solvency Ratio (II)
205%
208%
All data is calculated according to French Gaap.
Cost Ratio: Ratio between
non-recurring management fees net of investment expenses and net of
taxes, on one hand, and, on the other hand, premiums gross of
retrocession.
Life margin rate: ratio for the
life business between the sum of the technical result and the
interest on cash deposits, on one hand, and the total earned
premiums net of retrocession on the other hand.
Net combined ratio: ratio for the
non-life business between the net cost of claims excluding changes
in the equalisation reserve, and expenses incurred net of
investment expense (including commissions) on one hand, and net
earned premiums on the other hand.
Constant exchange rate: the changes
at constant exchange rate correspond to the comparison between the
actual 2023 data converted at the exchange rate of 31st December
2022 and the 2022 data at the exchange rate of 31st December
2022.
Return on invested assets: ratio
between net financial income, on the one hand, and outstanding
investments at cost price on the other hand, excluding ceding
deposits, operating property, and excluding subsidiaries.
EBITAER: Earnings Before Interest,
Taxes, Amortization and Equalization Reserve. It also excludes
exceptional income.
Notes :
This press release contains both historical information and
forward-looking statements about CCR Re. Forward-looking statements
relate mainly to future events, expectations, objectives, or
performance. They have been prepared based on assumptions currently
held by CCR Re. Although CCR Re considers these statements to be
based on reasonable assumptions, they are not a guarantee for the
future performance of CCR Re. They involve risks and uncertainties,
and as such actual results may differ significantly from those
anticipated in the forward-looking statements. CCR Re does not
commit to releasing any updates or revisions of the forward-looking
statements.
______________________
About CCR Re
CCR RE is an international reinsurer of a personable size with
presence in 80 countries worldwide and operating in the traditional
sectors of property damage and civil liability and life &
health as well as certain specialised areas (credit, marine,
aviation, spatial, agriculture).
CCR RE’s identity, organisation and economic model are testimony
to its solidity and agility when it comes to client service. CCR RE
makes the most of its committed and multicultural teams of experts.
An ESG compliant company throughout its reinsurance and investment
activities.
In 2023, CCR Re achieved gross sales of €1,186 million and net
income of €56 million. Since July 2023, CCR Re has been
majority-owned by SMABTP and MACSF, as well as CCR.
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version on businesswire.com: https://www.businesswire.com/news/home/20240402879247/en/
Press Contacts Marlène Larsonneur - Communication
Department + 33 (0)1 44 35 31 65 - mlarsonneur@ccr-re.fr Caroline
Sueur - Press Relations + 33 (0)6 63 89 31 31 -
csueur@convictions.fr
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