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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.
US P/C reinsurers maintain underwriting profitability in Q1: RAA
29th May 2020
Despite the influence of the ongoing COVID-19 pandemic, a group of 17 U.S. property/casualty (P/C) reinsurers recorded a combined ratio of below 100% in the first-quarter of 2020, according to analysis by the Reinsurance Association of America (RAA). At 97.4%, the group's combined ratio did deteriorate from the 94.9% in the ... Read the full article
Tokio Marine Kiln syndicate forecasts dip on COVID-19
22nd May 2020
The latest Lloyd’s of London syndicate results and forecasts from Tokio Marine Kiln (TMK) show some downward movement in the forecasts for Syndicates 510 and 557 as a result of the COVID-19 pandemic. Starting with the 2018 year of account, Syndicate 510, with capacity of £1,136 million, saw its forecast range ... Read the full article
Aviva estimates £160mn of COVID-19 claims across GI businesses
21st May 2020
London headquartered insurer Aviva has announced estimated COVID-19 related losses of £160 million, net of reinsurance, in its General Insurance businesses based on claims in business interruption, other commercial lines, and travel insurance. In its Q1 operating update, insurer Aviva has reported a strong start to the year, but also warned ... Read the full article
Generali posts €113m Q1 profit, €655m COVID-19 investment hit
21st May 2020
Italian insurance giant Generali has announced a first quarter net profit of €113 million despite the COVID-19 pandemic driving an investment loss of around €655 million. This €113 million net profit is down from €744 million in the prior year quarter and includes a non-operating expense amounting to €100 million from ... Read the full article
Tokio Marine’s consolidated net income dips in FY2019
21st May 2020
Tokio Marine Holdings, Inc. has reported a decline in consolidated net income to JPY 259.7 billion in the fiscal year ended March 31st, 2020, while adjusted net income improved to JPY 286.7 billion on the back of improved results in domestic life and overseas insurance subsidiaries. Consolidated net income declined year-on-year ... Read the full article
Sompo International profits surge on specialty growth
21st May 2020
Bermuda-based property and casualty re/insurer, Sompo International, saw its profits surge 81% to $320 million for the full-year 2019, mainly due to top line growth centred on specialty insurance. The figure was up by $142 million on the adjusted profit of $177 million posted by the company in 2018. Notably, Sompo International ... Read the full article
MS Amlin records FY 2019 profit
21st May 2020
Global insurer and reinsurer MS Amlin has recorded a return to profit for the fiscal year ending March 31st, 2020, while net premiums written increased slightly year-on-year. The re/insurer's parent, MS&AD Insurance Group, has released its results for the 2019 fiscal year, revealing an improved net income contribution from its overseas ... Read the full article
Skuld reports mixed fiscal 2020 results as CR hits 109%
15th May 2020
Marine insurer Skuld fell to its first negative technical result in 16 years as it’s combined ratio for the fiscal year hit 109%. This negative development was driven by a number of mid-sized and large claims, as well as one-off costs associated with previous year closure of Skuld’s Lloyd’s syndicate 1897. Skuld’s ... Read the full article
IGI improves combined ratio 13.8 points, as virus hits investments
15th May 2020
International General Insurance Holdings Ltd. improved its combined ratio by 13.8 points to 81.3% in the first quarter of 2020, even as the COVID-19 pandemic drove losses on the investment side of the business. Unrealized mark-to-market adjustments of $4.6 million led to an overall investment portfolio loss of $2.0 million in ... Read the full article
Liberty Mutual’s Q1 net income dips as COVID-19 hits investments
14th May 2020
Liberty Mutual Insurance has reported a 22.4% decline in net income for the first-quarter of 2020 to $519 million, as COVID-19 related financial market volatility adversely impacted the company's investment portfolio in the period. Net income fell by $150 million from the $699 million recorded in the first-quarter of 2019, as ... Read the full article
Sirius reports $140mn of COVID-19 losses at Q1
14th May 2020
Sirius International Group has reported a comprehensive loss of $185 million for the first quarter of 2020, including $140 million of losses from the COVID-19 pandemic, most of which stemmed from the company’s reinsurance business. The result compared with comprehensive income of $76 million for the first quarter of 2019. COVID-19 losses ... Read the full article
Zurich says COVID-19 claims within P&C could hit $750mn in 2020
14th May 2020
Global insurance giant Zurich has recognised COVID-19 related claims within its P&C business of $280 million in the first-quarter of 2020, and has said that for the full year, this figure could rise to approximately $750 million. Overall, the company expects claims from the ongoing COVID-19 pandemic to remain within its ... Read the full article
Continental Re grows premium income by 29% in Q1
13th May 2020
Pan-African reinsurer Continental Reinsurance (Continental Re) has posted a 29% increase in gross premium income for the first quarter of 2020, despite what it describes as “unprecedented challenges” across Africa due to the COVID-19 pandemic. The Group reported an overall increase to NGN 11,560 million (USD 29.7 million) for the period, ... Read the full article
AFG announces $301mn Q1 net loss amid financial market turmoil
12th May 2020
American Financial Group, Inc. (AFG) has reported a net loss of $301 million for the first-quarter of 2020, driven by the adverse impacts of after-tax non-core items aggregating $472 million. The company's Q1 2020 net loss compares with net earnings of $329 million in the prior year first-quarter, and reflects widespread ... Read the full article
Allianz’ Q1 net income falls 29% off COVID-19 P&C impacts
12th May 2020
Global insurer Allianz saw its net income fall 28.9% to €1.4 billion in the first quarter, driven primarily by the impact of coronavirus on its property and casualty segment. Higher claims from natural catastrophes, as well as coronavirus-related losses, drove P&C operating profit down 29.1% to €1 billion against the prior ... Read the full article
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