Arundo Re, the French reinsurance company majority-owned by SMABTP, MACSF, and CCR, generated turnover of €1.361 billion in 2024, an increase of 15% year-on-year, as the company’s undiscounted combined ratio strengthened by 1.9 percentage points to 94.7%.
After reporting 13% premium growth across its portfolio at the January 1st, 2025, reinsurance renewals, Arundo Re has today announced a strong financial performance for 2024.
The reinsurer explains that the 15% growth in turnover, or 12% at constant exchange rates, was driven by both non-life and specialties in all geographic regions.
Arundo Re’s combined ratio of 94.7% strengthened for consecutive years in 2024, down from 96.6% in 2023 and 98.7% in 2022.
The improved underwriting performance comes in spite of what the firm describes as “an exceptional accumulation of events in Canada”, which includes wildfires, hailstorms, flooding, and a cyclone, as well as “a high frequency of medium-sized claims directly linked to climate change.”
On the Life side, the profitability on the portfolio was 1.5%, which is down on 2023, due to the reconstitution of provisions, explains the carrier.
At 4.3%, Arundo Re’s cost ratio is unchanged from 2023, so still slightly higher than the 4.1% reported for 2022.
On the asset side of the balance sheet, Arundo Re has reported that the accounting yield on its assets stood at 2.6%, “thanks to a buoyant interest rate environment and unrealised capital gains environment”, amounting to €20 million on total assets of €3.82 billion at market value.
The result of all of the above is 2024 EBITAER of €109 million and net profit of €64 million, an increase of 24% and 14%, respectively, when compared with the prior year.
Lastly, the reinsurer’s solvency ratio improved further as at December 31st, 2024, to 211%, up on 2023’s 208% and 2022’s 205%.
Patrick Bernasconi, Chairman of Arundo Re’s Board of Director, commented on the 2024 results: “The 2024 results are in line with the business plan set by the new Board of Directors. It is a great pleasure to share this new success with Arundo Re’s teams, customers and partners. We are honoured by the loyalty of the relationships we have established, which are bearing fruit.”
Chief Executive Officer, Bertrand Labilloy, said: “In 2024, Arundo Re maintained its profitable growth trajectory despite the rising cost of natural catastrophes. These results continue to demonstrate the relevance of our strategy: the solidity of our balance sheet continues to strengthen, and this gives us an attractive degree of flexibility in this ever-changing environment.”
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