Bertrand Labilloy, Chairman and Chief Executive Officer of CCR Re, says the company is looking ahead through 2022 with confidence after improving its net income last year and weathering a period of crisis.
The French state-owned reinsurer reported that its net income more than doubled over the course of 2021 to €41 million, with its combined ratio also improving to 86.5% on lower natural disaster claims.
CCR Re’s annual targets were also met or exceeded, driven by the growth in gross written premium, and the target of its Streamline strategic plan is being met one year ahead of schedule.
According to the company’s management, this controlled growth is taking place under good solvency conditions and reflects strong financial and operational momentum, supported by all business lines.
“The market reinsurance business performed exceptionally well, with premium income continuing to grow to €843M, reinforcing CCR Re’s position as one of the second tier reinsurers of this world,” Labilloy stated in a new activity reported that reflected on the company’s performance last year.
“In 2020 and 2021, the world economy went through a V-cycle with a first phase of recession followed by a period of strong recovery. In this context, CCR Re has demonstrated robustness by maintaining good solvency ratios and agility in line with the growth trajectory of its 2020- 2022 Streamline development plan, most objectives of which are being achieved one year ahead of schedule,” the CEO continued.
“2021 results across all our businesses have been part of a steady growth dynamic since 2016, that has erased the effects of Covid on the financial statements, with 25% cc business growth – or 21% cc excluding prior-year adjustments – increasing for the fifth consecutive year, reaching €843 million in premiums.”
He concluded: “I trust that this momentum will continue in 2022 and beyond. CCR Re has performed well during this period of crisis. We are therefore thinking about how best to ensure this great momentum continues over time.”