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.
MS Reinsurance’s 2023 profit soars to $366m as CoR improves
20th May 2024
MS Reinsurance has revealed that against a backdrop of significant loss activity, continued inflation and geopolitical uncertainties, it still produced a net profit of $366 million for the full year 2023, much improved from a net loss of $50 million in 2022. Profits in 2023 were reportedly driven by favourable non-cat ... Read the full article
Quarterly rate changes down across most major commercial lines: Applied Systems
17th May 2024
Applied Systems has released first quarter of 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. Overall, the index shows that rates saw an increase of 6.14% in the first quarter of 2024, which is depressed relative to the rate increase of 7.39% in the same ... Read the full article
Thai Re sees 418% jump in net profit in Q1’24
17th May 2024
Thai Reinsurance Company (Thai Re) has released their results for the first quarter of 2024, which includes a net profit of THB 57 million ($1.58 million), 418% higher than the prior year's first quarter, due to improved reinsurance results. This was disclosed in financial statements lodged with the Stock Exchange of ... Read the full article
SCOR reports Q1’24 net income of €196m amid solid P&C performance
17th May 2024
French reinsurer SCOR has announced net income of €196 million for the first quarter of 2024 and a P&C re/insurance combined ratio of 87.1%, which includes a nat cat ratio of 7.2%, mainly impacted by the update of the market loss related to the Q3 2023 Italian hailstorm. Within P&C, SCOR ... Read the full article
Progressive’s property line CoR hits 116.7% in April on severe weather losses
16th May 2024
The Progressive Corporation has released its results for April, revealing a property line combined ratio of 116.7%, driven by weather losses throughout the month. The insurer's Property segment combined ratio for April is comprised of an expense ratio of 29.1% and a loss ratio of 87.6%. The division's net catastrophe loss ratio ... Read the full article
Aegon reports Q1’24 operating capital of €256m
16th May 2024
Life insurer and asset manager Aegon, in its trading update for Q1 2024, has reported a €256 million operating capital generation before holding funding and operating expenses. The firm added that with this growth it is on track to achieve guidance of around €1.1 billion for 2024. Capital ratios remain robust, ... Read the full article
Zurich P&C revenue hits $10.25bn in Q1 as GWP swell 9%
16th May 2024
Zurich Insurance Group has reported that Q1 2024 P&C insurance revenue was up 12% on a like-for-like basis to $10.25 billion, driven by strong commercial and retail growth. In commercial, rates improved across all regions with an average of 5%. Zurich noted that its North American line was a key contributor, ... Read the full article
Swiss Re posts Q1’24 net income of $1.1bn and P&C CoR of 84.7%
16th May 2024
Reinsurance giant Swiss Re has announced net income of $1.1 billion and a return on equity (ROE) of 21.3% for the first quarter of 2024, as property and casualty reinsurance net income hit $552 million with a combined ratio of 84.7%. For Q1 2024, Swiss Re is reporting under IFRS for ... Read the full article
Conifer Holdings reports Q1’24 results with improved combined ratio
15th May 2024
Michigan-domiciled property and casualty holding company, Conifer Holdings has announced its financial results for the first quarter of 2024, reporting a net income of $74,000, compared to the $1,001,000 reported in Q1 2023. The company also reported an improved combined ratio of 96.7%, which included a loss ratio of 62% and ... Read the full article
West P&I Club posts 94.5% CR, underwriting surplus hits $15m
15th May 2024
In their results for the 2023-24 financial year, West P&I Club has posted a 94.5% combined ratio, representing a solid improvement from 96.7% from last year. The 94.5% figure represents the Club’s best combined ratio since 2017, and one that is considerably ahead of the recent International Group combined ratio ... Read the full article
Kuwait Re’s Q1 net profit swells 40%, CoR hits 89.9%
15th May 2024
In its Q1 2024 results, Kuwait Reinsurance Company revealed that its net profit grew by 40% year-over-year to $13.18 million, while total assets expanded to $669.1 million. The firm's gross written premiums in the opening quarter of 2024 were also up, climbing 12% from Q1 2023's figure of $115.84 million to ... Read the full article
Talanx sees Q1 net income rise 35% to €572m, CR hits 90.9%
15th May 2024
Talanx Group, the parent company of Hannover Re has posted a group net income of €572 million for the first quarter of 2024, an increase of 35% compared to the prior year's €423 million, while the firm's overall combined ratio improved to 90.9%. The company attributed primary insurance as the main ... Read the full article
Allianz reports 6.8% rise in operating profit for Q1’24 to €4bn, driven by P&C
15th May 2024
Allianz Group, a global insurer and asset manager, has reported an increase in operating profit of almost 7% to €4 billion for the first quarter of 2024, up from last year's €3.7 billion, driven by the firm’s property and casualty business, supported by good results in the asset management and ... Read the full article
Conduit Re sees reinsurance revenue climb 35.1% in Q1 to $181.1m
15th May 2024
Conduit Holdings Limited, the ultimate parent company of Bermuda-based reinsurer Conduit Re, has reported reinsurance revenue of $181.1 million in Q1 2024, marking a 35.1% increase over Q1 of 2023. Of this revenue figure, Conduit's Property segment made up $98.8 million, its Casualty segment $48.3 million, and its Specialty segment $34 ... Read the full article
Hannover Re’s net income rises as P&C reinsurance CoR strengthens to 88%
14th May 2024
Global reinsurer Hannover Re has announced a 15% rise in net income to €558 million in its first quarter 2024 results, with a reinsurance underwriting result of €720 million, up 27% year-on-year. Group-wide, Hannover Re's operating profit rose 13% to €811 million from €720 million in Q1 2023, as the return ... Read the full article
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