is spokesman of Deutsche Rück and head of our Communications Department
Phone: +49 211 4554-123
Düsseldorf, 11 May 2020 – The Deutsche Rück Group began 2020 on a stronger footing, having once again significantly increased its security. While premiums declined as expected in residual credit business and in engineering insurance, the Group recorded positive growth in life insurance business and the property lines.
The Deutsche Rück Group recorded a slight increase in net premiums earned of 1 % to EUR 736 million in the 2019 financial year. Gross premiums written remained almost constant, at EUR 1,108 million.
The restructuring of a business segment within the group of German public insurers that began in the previous year continued to have an impact on development of premiums in 2019. Premiums fell in residual credit business and in engineering insurance. In life insurance business and in the property lines such as fire, homeowners’ comprehensive insurance and extended coverage, the Group achieved positive growth.
The burden from reported major losses was significantly lower in the year under review than in the previous year. At the subsidiary DR Swiss, gross premiums written fell by 7.4 % to CHF 269.9 million (previous year: CHF 291.6 million).
The 2019 financial year allowed Deutsche Rück to continue its conservative strategy for the recognition of reserves and to further strengthen its assets, leading to a significant rise in security to EUR 639.2 million (previous year: EUR 604.1 million). Among other factors, this was due to positive investment income of EUR 50.4 million, which was down only slightly on the previous year’s figure of EUR 57.2 million.
The strength of the Group’s assets is reflected in its strong capital base at AAA level. The rating agency Standard & Poor’s once again confirmed its rating of “A+” with a stable outlook in 2019, recognising the Group’s sustainable and very strong capital base coupled with a secure earnings position and supported by risk-commensurate underwriting and a conservative strategy for the recognition of reserves.