The Deutsche Rück Group reported a strong performance for the 2024 financial year, with gross premiums written increasing across all business segments, up 18.3% year-over-year to approximately €2.1 billion.
According to the firm, this growth was driven by both its international operations and its domestic business in Germany.
Property insurance, which represents more than two-thirds of Deutsche Rück’s total gross premiums, saw a significant increase of 16.5%, reaching €1.4 billion in 2024.
Additionally, total security resources grew by €375.8 million, surpassing €3.1 billion in 2024, and investment income amounted to €74.8 million.
Overall, the reinsurer posted a net profit after taxes of €14.5 million for the year, marking an increase from €12 million in 2023.
Still, gross claims incurred in 2024 were higher than in 2023, partly due to natural disasters, including flooding from the ORINOCO-QUIRINA-RADHA and ANETT low-pressure systems in Europe, as well as heavy rainfall in the Middle East.
“Thanks to Deutsche Rück Group’s retrocession programme focused on property business, the net claims incurred rose only moderately,” the firm explained.
Commenting on the results, Frank Schaar, Chief Executive Officer of Deutsche Rück, stated, “Claims were on a satisfactory level in 2024. We are well below our calculated expectations in both NatCat and fire business.”
In the life insurance segment, the company recorded a 9.7% increase in gross premiums for 2024, totalling €84.2 million.
This was supported by the expansion of its life and health reinsurance business into the Middle East and North Africa.
Schaar added, “We grew strongly and profitably in all business areas in 2024. Our strategy of gradually and purposefully internationalising our business over the recent years is paying off.
“Our financial strength is an important factor in the expansion of our international business. We expect further premium growth for 2025.”
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