NEWS

2015 Results - Press release

Results for 2015 consolidate CCR's solidity

03/29/2016

The Board of Directors of CCR held a meeting on March 23, 2016 under the chairmanship of Mr. Pierre Blayau to approve the 2015 financial statements. Despite a difficult market environment marked by continued decline in returns from financial assets and in reinsurance rates, CCR recorded an increase in net income and consolidated its balance sheet.

• Gross premium income receded by 2.7% to 1,287 € million, due to the company's commitment toward a selective underwriting policy for open market reinsurance.

- This amount comprises upwards of € 869 million for public-sector reinsurance (of which € 793 million for Nat Cat reinsurance) and € 419 million for open market reinsurance.
- Excluding accounting adjustments, premium income from public-sector reinsurance is stable while premium income for open market reinsurance decreased by 4.7%.

• Net income increased by 12% to € 216 million due primarily to the relatively moderate cost of insured losses.

- The overall underwriting result net of retrocession amounted to € 315 million compared to € 258 million in 2014.
- Net income from investments decreased to € 174 million due to the erosion of ordinary income from investments.

• CCR's balance sheet was reinforced with economic equity capital that exceeded the minimum regulatory requirement of € 2.4 billion.

- Assets under management now stand at € 9.85 billion (of which € 1.06 billion in unrealized capital gains).
- CCR could provide coverage of a Nat Cat market loss of approximately € 5.8 billion, without resorting to the use of a State-backed guarantee.

 

CCR 2015 Key Figures

In millions of euros	2015	2014
Gross premiums written	1,287	1,323
Cost of insured losses	689	714
Non-life combined ratio    of which cost ratio	76,8%   4,2%	82.6%   4.6%
Net investment income	174	188
Net return on assets	2.0%	2.3%
Income before tax	432	388
Profit for the year	216	193
Assets under management    of which unrealized capital gains	9,846 1,058	9,432 1,088
Equalization reserves	3,207	3,095
Shareholder’s equity (after dividend)	2,085	1,969
Excess economic equity capital	2,441	2,244

 

Press contact

Isabelle Delval - Head of Communications
+ 33 (0)1 44 35 37 01
idelval@ccr.fr
@CCR_Reassurance