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.
Beazley reports CoR of 71% and record profit in 2023
7th March 2024
Specialist insurer Beazley has announced record pre-tax profit of $1.25 billion and a combined ratio of 71% for the year ended December 31st, 2023, with strong growth in the insurance service result of 52% and an investment return of 4.9%. Group profit after-tax rose 112% from 2022's $483 million to $1.026 ... Read the full article
Hippo’s total generated premium reaches $1.1bn in FY23
6th March 2024
Home insurance firm Hippo has posted their results for the full-year 2023, which includes total generated premium (TGP) climbing from $811 million to $1.1 billion, representing a 40% increase from 2022. During the year, the company grew revenue significantly faster than TGP, increasing from $120 million to $210 million, representing a ... Read the full article
IQUW reports combined operating ratio of 80.9% for FY’23
6th March 2024
Property and specialty re/insurer IQUW has reported a combined operating ratio of 80.9% for the full year 2023, as gross written premiums reported increased by 35% year-on-year to $913 million. The firm explains that premium growth was primarily a result of the syndicate sustaining its trajectory in its third operating year ... Read the full article
L&G reports £1.67bn operating profit in FY23
6th March 2024
Legal & General (L&G) has posted their full-year results for 2023, which included an operating profit of £1.67 billion, a slight increase from the previous year's £1.63 billion. Post-tax profit meanwhile decreased more than 40% to £457 million, down from 2022's £783 million, on the back of a slump in investment ... Read the full article
Greenlight Re posts improved underwriting performance with FY23 CoR of 94.5%
6th March 2024
Greenlight Capital Re, Ltd. has reported a Q4 2023 combined ratio of 91.4% compared to 94.2% in the prior year quarter, as the current-year loss ratio improved by 3.8% to 54.7% driven by improved pricing on the in-force underwriting book. The reinsurer's net underwriting income hit $11.8 million in Q4 2023 ... Read the full article
Lancashire’s 2023 profit soars to $321.5m as GPW hit $1.9bn
6th March 2024
Lancashire Holdings has revealed its overall profit after tax for 2023 was $321.5 million, resulting in a change in diluted book value per share of 24.7% and marking a massive improvement compared to 2022's loss of $15.5 million. The firm's 2023 gross premiums written (GPW) also increased 16.9% year-on-year to $1.9 ... Read the full article
SCOR sees P&C combined ratio improvement as FY23 income hits record €812m
6th March 2024
French reinsurer SCOR has reported net income of €162 million for the fourth quarter and a record €812 million for the full year 2023, as the P&C combined ratio strengthened in both periods on the back of lower catastrophe losses. Net income for the quarter and the full year compares with ... Read the full article
State Farm experiences premium growth while reporting underwriting losses in 2023
5th March 2024
Auto and homeowners insurer State Farm has announced its 2023 financial results, reporting earned premium of $87.6 billion and a combined underwriting loss of $14.1 billion across its P&C group of companies. This result compared to an underwriting loss of $13.2 billion on earned premium of $74.3 billion in 2022. According to ... Read the full article
American Coastal sees solid improvement in net income in Q4
5th March 2024
American Coastal Insurance Corporation (ACIC), the property and casualty insurance holding company, has reported a $14.3 million net income attributable to the firm for the fourth quarter of 2023, compared to a net loss of $296.8 million for the fourth quarter of 2022. ACIC confirmed that of this income, $17.1 million ... Read the full article
Miller posts record revenues of £240m in FY23
5th March 2024
Miller, the independent specialist re/insurance broker posted its results for the full-year 2023, which included record total revenues of £240 million, representing a 26% increase from 2022, driven by 19% organic growth and positive contribution from 2022 acquisitions. At the same time, the company also recorded total Gross Written Premium (GWP) ... Read the full article
Hiscox Re & ILS sees record profit of $221.4m in 2023, CoR drops to 69.8%
5th March 2024
Hiscox Re & ILS, the international reinsurance and insurance-linked securities (ILS) arm of the Hiscox Group, has revealed an undiscounted combined ratio of 69.8% for the full year 2023, and a record profit before tax of $221.4 million in "an active year for natural catastrophe losses". Hiscox Re & ILS also ... Read the full article
Aegon reports net loss for FY23, CEO up for re-election
5th March 2024
Life insurer and asset manager Aegon has announced its second half 2023 financial results, reporting a net result of €0 million, and a net loss of €199 million for the full-year. At the same time, the Netherlands-headquartered insurer revealed it is planning to re-elect CEO Lard Friese for a further four ... Read the full article
IRB (Re) returns to underwriting profitability in 2023 amid improved portfolio performance
1st March 2024
Brazilian reinsurer IRB (Re) has reported its best underwriting result since 2019, as an improved portfolio performance on the back of better pricing and exposure reduction resulted in underwriting profit of approximately USD 31 million (R$ 155m) in 2023. The reinsurer's underwriting performance in 2023 marks a considerable turnaround from the ... Read the full article
IGI anticipates full year 2023 net income to hit $118.2m
1st March 2024
In its preliminary results, International General Insurance (IGI) has revealed that full year 2023 net income will reach $118.2 million, up from $89.2 million in 2022. IGI also anticipates an increase in gross written premiums to $688.7 million for the full year 2023, representing growth over 2022 of 18.3%. Meanwhile, book value ... Read the full article
Fidelis reports stronger combined ratio as FY23 GPW rises to $3.6bn
1st March 2024
Fidelis Insurance Holdings Limited, the Bermuda-domiciled re/insurer, has reported underwriting income of $327.3 million and a combined ratio of 82.1% for the full-year 2023, compared to $120.4 million and a combined ratio of 91.9% a year earlier, driven by premium growth in the specialty segment and significantly lower catastrophes and ... Read the full article
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