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German reinsurer The Deutsche Rück Group expanded its business in 2023 with gross premium income increasing by 16.8% to just under €1.8 billion, while net premiums earned were up 18.3% at €1.2 billion.
This strong growth was supported by both international markets in the Middle East, Latin America and Asia and from the domestic German market.
The reinsurer recorded its strongest premium growth in the property insurance segment, accounting for more than two-thirds of gross premiums, contributing 22% to the premium income growth at €1.2 billion. Gross premiums in liability, accident and motor insurance business increased by 5.9% to approximately €392 million.
The firm has disclosed that the gross claims burden in natural hazard lines was significantly lower than in 2022, with the largest nat losses related to the summer storms Kay, Lambert and Denis in Germany, hailstorms TISNA and UNAI in Italy and hurricane Otis in Mexico, with total claims of around €81 million.
The Deutsche Rück Group generated investment income of €81.9 million, a significant improvement on the previous year’s figure of €33.1 million. The reinsurer achieved an operating result before tax of €12 million.
Frank Schaar, Chief Executive Officer, Deutsche Rück Group, commented, “We are very satisfied with this result, because it shows that we are achieving strong, profit-oriented growth not only in our domestic market of Germany, but also in international markets.”
Recently, Deutsche Rück Group has expanded its focus to include the Maghreb region, the Middle East, Latin America and South, East and South-East Asia, and in the future will also underwrite life insurance business in the Middle East and North Africa.
The reinsurer also further strengthened its equalisation reserves and similar provisions by adding €30.2 million, with the group’s total security, including net claims provisions and the net provisions for future policy benefits increasing to around €2.8 billion.
Schaar concluded, “The strength of our assets works in our favour when it comes to expanding our international business. We expect this strong growth trend to continue in all market regions in 2024.”
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