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.
Fairfax Financial sees net earnings increase in 2023 to $4.4bn
16th February 2024
Fairfax Financial Holdings Limited has announced its financial results for the fiscal year 2023 net earnings of $4,381.8 million, compared with fiscal year 2022 net earnings of $3,374.2 million. In Q4, the net earnings were $1,328.5 million, compared to $2,318.1 million in Q4'22. The consolidated combined ratio of the property and casualty ... Read the full article
Kin records $344m GWP in FY23 results, total revenue hits $104m
16th February 2024
Kin, the direct-to-consumer home insurance company, has posted $344.1 million in gross written premium (GWP) in their full year 2023 results, representing 51% year-over-year (YoY) growth. Total revenue for FY23 sat at $104.5 million, which represented 53% YoY growth compared to 2022's $68.2 million. The company also posted an operating income of ... Read the full article
IAG sees growth of 12.5% in GPW to $7.9bn, the strongest in nine years
16th February 2024
Australian insurer IAG has posted an H1 2024 gross premiums written (GWP) increase of 12.5% to $7.9 billion year over year, the strongest in the past nine years, as the firm's insurance profit increased by 75%. The group’s insurance profit of $614 million went up from $350 million in the prior ... Read the full article
QBE’s annual profit more than doubles to $1.36bn
16th February 2024
Australian insurer QBE has announced a 2023 full-year statutory net profit after tax of $1.36 billion, up substantially compared with the $587 million recorded in 2022. At the same time, gross written premiums for the full year grew 10% from 2022 to $21.7 billion, while net insurance revenue reached $16.6 billion, ... Read the full article
Swiss Re posts huge rise in net income as P&C Re CoR strengthens to 94.8%
16th February 2024
Large European reinsurer Swiss Re has today reported a significant rise in net income to $3.2 billion for 2023 and a return on equity of 22.3%, as underwriting margins improved and the firm's P&C reinsurance arm delivered income of $1.9 billion. Group-wide, net income increased by 578% from the $472 million ... Read the full article
Corebridge Financial sees $1.3bn net loss in Q4 2023
15th February 2024
American multinational financial services company, Corebridge Financial has announced its fourth quarter of 2023 financial results, reporting a net loss of $1.3 billion. This figure compares to a net loss of $207 million in Q4 2022. According to the company, the change was largely driven by realised losses recorded for the ... Read the full article
Tower expects FY24 underlying NPAT at upper end of or exceed range of $22m & $27m
15th February 2024
Kiwi insurer Tower has updated its earnings guidance on underlying net profit after tax (NPAT) for the year ending September 30, 2024 to be at the upper end of or exceed the previously advised range of between $22 million and $27 million. This assumes full utilisation of a large events allowance ... Read the full article
Palomar Holdings reports $79.2m net income in FY23, GWP hits $1.1bn
15th February 2024
Palomar Holdings has posted a net income of $79.2 million for the full year 2023, representing significant growth from $52.2 million that the company recorded in 2022. The company's gross written premiums (GWP) also saw a solid rise, increasing by 29.4% to $1.1 billion compared to $881.9 million in 2022. Moreover, Palomar ... Read the full article
Arch reports stronger reinsurance underwriting result as group net income hits $2.3bn in Q4’23
15th February 2024
Bermuda-based re/insurer Arch Capital Group Ltd. has reported a Q4 2023 combined ratio of 78.9% compared with 73.5% a year earlier as catastrophe losses increased, although underwriting income in both its insurance and reinsurance segments strengthened year-on-year. Group wide, net income available to common shareholders hit $2.3 billion in Q4 2023, ... Read the full article
Mercury General posts $191m net income in Q4, CR sits at 98.6%
15th February 2024
Mercury General Corporation has posted $191.4 million net income in their results for the fourth quarter of 2023, compared to a -$6.7 million for the prior year period. Net premiums earned for the quarter sat at $1.14 billion, representing a solid increase from the prior year quarter's $1.0 billion. At the same ... Read the full article
Tokio Marine’s international business reports 11.6% growth in net premiums in Q3’23
14th February 2024
Tokio Marine’s international business has reported profit of JPY300.8 billion for the third quarter of the 2023 fiscal year, representing an increase in profit from last year’s JPY187.3 billion. Profit was strong across all its international entities, Asia & Oceania produced a net profit of JPY23.6 billion, representing year-on-year growth of ... Read the full article
Sompo Intl. adjusted profit above forecast despite $575m reserve strengthening
14th February 2024
Sompo International has disclosed that its USD-basis adjusted profit exceeded forecasts by $39m in 2023, reaching a preliminary $1.15bn, despite substantial reserves strengthening in Q4. According to the Bermuda headquartered re/insurer, it strengthened 2019 and prior accident year reserves in Q4 2023, and the balance for future years, resulting in a ... Read the full article
MS Amlin sees £250m net income in 9M23, combined ratio hits 90%
14th February 2024
MS Amlin's net income jumped to £250 million for the first nine months of 2023, representing an increase of £237 million year-on-year. The substantial rise in net income comes as the company benefited from top-line growth, improved profitability, and reduced catastrophes. The company also posted a £309 million insurance service profit, an ... Read the full article
MAPFRE Re sees premiums grow 8.8% in 2023 to €7.9bn
14th February 2024
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and Global Risks business, grew 8.8% in 2023, reaching nearly €7.9 billion. The firm states that the Reinsurance business grew 7.8%, while the Global Risks business is up 12.2%. It estimated that the two relevant ... Read the full article
AIG reports stronger general insurance combined ratio as premiums rise in Q4’23
14th February 2024
Global insurer American International Group, Inc. (AIG) has reported slight growth in underwriting income of $7 million for Q4 2023 to $642 million, which included $122 million of total catastrophe-related charges, representing 2.1 loss ratio points, of which $54 million was in North America and $68 million in International. Within the ... Read the full article