CCR - Financial Report 2024 - CCR
PUBLICATIONS
CCR - Financial Report 2024
04/16/2025
A negative technical result, offset by an improved financial result.
On March 12, 2025, CCR’s 2024 statutory financial statements were approved by the Board of Directors. The technical result remains negative for the 8th consecutive year since 2016. However, this deficit is offset by an improved financial result.
CCR publishes its comprehensive financial report, which presents all of its results and key performance indicators, including the balance sheet and income statement for the 2024 fiscal year.
This report also provides an analysis of the financial and business outlook for 2025 and highlights the key events of 2024:
- Cyclone Chido (Mayotte)
- Equalization reserve for natural catastrophe risk equalization
- Renegotiation of the "Cat Nat" reinsurance scheme
- "Drought Initiative," in partnership with France Assureurs and the Mission Risques Naturels
- Insurability Observatory
- Creation of the CCR Public Funds subsidiary
- Our purpose: to protect insurability to enable everyone to build their future
- Launch of an investment fund dedicated to innovation for natural disaster prevention
- Completion of the operational autonomy process for CCR and CCR Re
- Regulatory changes in 2024
- Research and Development activities (Prevention, Modeling, Data)
Key Highlights and Results (Press Release of 13/03/25):
- In 2024, CCR’s gross written premiums reached €1.237 billion. It is divided as follows: 92.9% for the Nat Cat business, 6.8% for terrorism risk, and 0.2% for exceptional risks.
- The net income stands at €183 million, reflecting a mixed year for CCR in a technical environment that weighed on its liabilities but benefited from a high-quality financial asset portfolio.
- In fact, in 2024, for the 8th consecutive year since 2016, the technical result for Nat Cat was negative at -€49 million (compared to -€112 million in 2023).
- The Nat Cat claims total €1.037 billion. Cyclone Chido was devastating both in terms of casualties and property damage. Additionally, the frequency of rain and storm events across the country throughout the year made 2024 the worst year for attritional claims (recurring claims with high frequency but moderate severity) in at least 10 years.
- The equalization reserve for natural catastrophe equalization, which had been depleted in 2023, could not be replenished. The increase in the additional premium (from 12% to 20% for residential and commercial property damage insurance policies and from 6% to 9% for theft and fire coverage on car insurance policies), which takes effect on January 1, 2025 (Decree of December 22, 2023), should allow CCR to gradually rebuild reserves.
- The financial result continues to benefit in 2024 from the reinvestment in 2023 of the capital gain from the sale of CCR Re into a higher-yield portfolio. This “full-year” effect enables CCR to achieve a financial result of €252 million (€182 million in 2023), of which €236 million comes from recurring income (€152 million in 2023). The return on invested assets reached 2.7%.
- The operational autonomy work was completed in 2024 with the transfer of asset management and IT activities performed by CCR on behalf of CCR Re (Arundo Re) to SMABTP. The IT transition was accompanied by the sale of software for €21 million. As of December 31, 2024, CCR holds approximately 25% of Arundo Re’s capital.
« 2024 was a year of transition for CCR, with the effective separation of CCR’s activities and CCR Re, now Arundo Re, and the establishment of consolidated governance to support the transformation of our company, serving our two missions: to reinsure and to advise. CCR is now fully prepared to calmly face the upcoming challenges to sustain our unique natural disaster compensation system. » Jacques Le Pape, Chairman - CCR.
« In 2024, CCR’s technical result remained negative, primarily due to the devastating Chido cyclone in Mayotte. It has become clear that the increase in the Nat Cat additional premium, effective January 1, 2025, is an essential measure to ensure the financing of the system. CCR is transforming to address this context: 2024 has been a busy year operationally, with the implementation of our revised strategic plan. In particular, we are fully committed to supporting the prevention and adaptation of our territories in the face of extreme risks. » Edouard Vieillefond, CEO - CCR
