Reinsurance News
Results news
News on reinsurance and insurance company quarterly and annual results or reporting. Detailing news on the financial performance of insurance and reinsurance underwriting companies and brokers.
Saudi insurance sector remains strong, posts 27% growth in Q3
30th December 2022
Insurance companies in Saudi Arabia continued topline growth momentum in 2022 with aggregate GWP's standing at SR39.28 billion ($10.45 billion), rising 26.8% year-on-year in Q3 2022, as reported by Trade Arabia. Citing KPMG, Trade Arabia states that most lines of business reported growth in Q3, with motor and medical segments topping ... Read the full article
Skuld reports positive nine month result amid amiable claims environment
19th December 2022
Marine insurance provider Skuld has reported a positive result of $13.4 million for the first nine months of the 2022/23 financial year, an improvement of $33.9 million compared with the same period last year. According to the firm, gross premium and calls ended at $350.5 million, an increase of $41.5 million ... Read the full article
Munich Re raises 2023 profit guidance to €4bn under IFRS 17
15th December 2022
German reinsurance giant Munich Re is aiming for a consolidated profit of roughly €4 billion for the 2023 financial year under the new IFRS 17 reporting standard, with profit of around €3.3 billion expected in the reinsurance field of business. At the same time, the reinsurer anticipates insurance revenues, which it ... Read the full article
US P&C industry falls to $24.3bn underwriting loss through 9M: AM Best
2nd December 2022
The US P&C industry recorded a $24.3 billion net underwriting loss in the first nine months of 2022, down $17.9 billion from the prior year period, according to data from AM Best. The rating agency noted that 8.4% growth in net earned premiums and a 22.3% decline in policyholder dividends during ... Read the full article
Personal Auto & Property lines premiums decrease YoY: Applied
23rd November 2022
Applied Systems has reported that quoted premiums for both Personal Auto lines and Personal Property lines decreased year over year in Q3 2022. The Personal Auto premium rate change decreased to 4.1% versus Q3 2021, though saw an increase of 4.1% versus Q2 2022. Meanwhile, the Personal Property premium rate change decreased ... Read the full article
QBE anticipates exhausting FY22 catastrophe allowance
21st November 2022
QBE Insurance Group Limited expects to incur full-year 2022 catastrophe losses of around AUD 1.06 billion, which is above its catastrophe allowance for the year of AUD 962 million. The Australian insurer has released a trading update for the third-quarter of 2022, which highlights that elevated catastrophe activity has continued through ... Read the full article
MS Amlin reports £131mn H1 loss as Hurricane Ian loss estimates sit at £157mn
18th November 2022
MS Amlin has reported a net loss of £131 million for the first half of the financial year, down from a profit of £33 million in the prior year period, as the carrier estimated its Hurricane Ian loss at £157 million. Net premiums written for H122 were £2.192 billion, a substantial ... Read the full article
Tokio Marine HCC sees net premiums written increase 36% in Q2 results
18th November 2022
Tokio Marine HCC has reported a 35.6% increase in net premiums written in its Q2 2022 financial year results to JPY 367.5 billion ($2.63bn). Net premiums earned saw an even larger increase year over year of 46.8%, totalling JPY 327.4 billion ($2.34bn) compared to JPY 223 billion ($1.6bn) in 2021. Tokio Marine ... Read the full article
Sompo Intl. underwriting profits up 57% on steady top-line growth
18th November 2022
Specialty property and casualty (P&C) re/insurance provider Sompo International has reported that its underwriting profits increased by 57% to $367 million for the first half of the 2022 fiscal year. As a result, its revised forecasts for the full-year are now up 43% to $610 million compared with 2021, including the ... Read the full article
Ivans reports premium rates remain up YoY despite monthly variability
17th November 2022
Ivans Index has reported that year-over-year average premium renewal rates remain up for the majority of commercial lines in Q3, while month-over-month rates experience variable changes. Q3 2022 showed premium renewal rate change for all major commercial lines of business increased year over year, aside from Workers’ Compensation, which remained negative. ... Read the full article
UNIQA reports rise in premiums in Q3 results
17th November 2022
Austria's UNIQA Insurance Group has reported that premiums written grew by 4.3% in Q3 of 2022 to €5,033.1 million, with increases recorded across all business lines. Premiums written in property and casualty insurance rose by 5.5% to €2,832.2 million in Q3, while in health insurance, premiums written in the reporting period ... Read the full article
Zurich sets new financial targets over next three years
16th November 2022
Financial giant Zurich has set new financial targets for itself, which it plans to achieve between 2023 and 2025. The firm said in a statement that it was looking to boost business operating profit after tax return on equity (BOPAT ROE) to more than 20%, see compound organic growth in earnings ... Read the full article
Heritage to raise rates & adjust portfolio amid rising reinsurance costs
15th November 2022
In Heritage's Q3 earnings call, Ernie Garateix, CEO, suggested that the firm is raising its rates and evaluating its portfolio as the cost of reinsurance increases alongside capacity constraints. Garateix commented, “Getting appropriate rates for our coverage offer is paramount. We continue to take rates in all our markets to keep ... Read the full article
Midwest Holding reports substantial improvement in Q3 net income
15th November 2022
Midwest Holding Inc. has posted a $7.4 million GAAP net income for the third quarter of 2022 against a $3.1 million loss from the third quarter of 2021. Net investment income in 2022's third quarter was $12.9 million compared with $6.2 million in the prior- year's third quarter. Alongside the year-on-year improvement in net income, Midwest also ... Read the full article
VIG sees significant premium growth of 13.6% to €9.5 billion in Q3
15th November 2022
The Vienna Insurance Group (VIG) has reported premium growth across all lines of business and segments in Q3, with a total increase of 13.6% to €9.5 billion. The group notes that this includes the first-time consolidation of the most recently acquired insurance companies in Hungary and Türkiye, with premiums of around ... Read the full article
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