CCR Re, the French state-owned reinsurer, has reported a 15% year-on-year rise in gross written premiums (GWP) for the first half of 2022, as the firm achieved profitable and diversified growth.
The rise in premiums to €764 million compares with the €665 million recorded in the first half of 2021.
At the same time, the company has reported that profitability in non-life business was maintained in the period with a combined ratio of 98.2%, which is up slightly on the 97% posted a year earlier and the 96.6% reported at the end of 2021.
Impressively, CCR Re’s non-life business has remained profitable so far in 2022 despite the impacts of Russia’s ongoing invasion of Ukraine, and also the severe hailstorms experienced in France in June.
On the life side of the business, CCR Re states that the technical margin reached 3%, which is in line with the end of 2021, but down on the 5% reported for H1 2021.
Bertrand Labilloy, Chairman and Chief Executive Officer (CEO) of CCR Re, commented: “During the first half of this year, CCR Re has continued with its profitable and diversified growth, both in P&C and in L&H, in line with our ambition to further serve our client’s needs.”
After improving its net income in 2021, Labilloy said back in May that the firm is looking ahead through 2022 with confidence.
Recently, both S&P and AM Best confirmed CCR Re’s rating as ‘A Stable Outlook’.