CCR Re, the French state-owned reinsurer, has reported a turnover of €907 million for the first half of 2023, up 19% from the same period last year, supported by stronger profitability in its non-life business segment.
The reinsurer has today announced a non-life combined ratio of 94.6%, which is down by over three percentage points on the first half of 2022.
This improvement in the combined ratio was achieved in spite of the impacts of the earthquakes in Turkey, floods in Italy in May, and the storms experienced in France in June.
The H1 2023 life margin, at 2.2%, fell slightly when compared with H1 2022, which CCR Re attributes to the strengthening of reserves.
“The results as of June 2023 reflect the quality of our renewals that took place 1st of January and 1st of April. They reflect the relevance of our underwriting policy which has remained unchanged,” said Bertrand Labilloy, CCR Re’s Chief Executive Officer (CEO).
“CCR Re continues on its profitable growth path with a 20% increase in its capital base,” he added.
The company also highlights that after its “empowerment” announced in the first half of this year, both S&P and AM Best confirmed its rating as “A with a stable perspective.”
The solid H1 2023 performance follows a 17% rise in premium income achieved for 2022 when compared with the prior year, as net income for the year remained stable at €42 million, while the combined ratio weakened slightly to 98.7%.