Facts and figures
| 2011 | 2010 | 2009 | 2008 | 2007 | ||
|---|---|---|---|---|---|---|
| Gross premiums | CHF m | 1.402 | 1.289 | 1.518 | 1.124 | 1.241 |
| Life and Health | CHF m | 630 | 587 | 577 | 515 | 647 |
| Property and Casualty | CHF m | 772 | 702 | 941 | 609 | 594 |
| Net earned premiums | CHF m | 1.148 | 1.162 | 1.465 | 1.066 | 1.188 |
| Life and Health | CHF m | 507 | 572 | 578 | 503 | 632 |
| Property and Casualty | CHF m | 641 | 590 | 887 | 563 | 556 |
| Combined ratio Non-Life | % | 97.8 | 84.1 | 89.4 | 102.0 | 85.8 |
| Result for the year | CHF m | 109 | 136 | 206 | 46 | 227 |
| Investments | CHF m | 3.393 | 3.016 | 3.539 | 2.961 | 3.121 |
| Shareholder's equity | CHF m | 815 | 842 | 1.191 | 986 | 941 |
| S&P Rating | AA- | AA- | AA- | AA- | AA- |
Main events during the year and outlook for 2012
Growth in business and satisfactory result
In 2011, NewRe achieved a net result of CHF 108.9m, 20% down on last year’s result of CHF 136.3m, which was paid by way of dividend to Munich Re in 2011. Premium volume was CHF 1.40bn compared to CHF 1.29bn for the previous year (+8.8%).
While NewRe chose to further reduce business in traditional segments due to the inadequacy of the prices achievable, the development of structured reinsurance solutions (life and non-life) had a positive effect on volume and the result.
Combined ratio below 100% despite global accumulation of natural catastrophes
NewRe incurred total claims of CHF 50m in the accumulation of NatCat events in 2011 (storms in Scandinavia, earthquakes in Japan and New Zealand, floods in Thailand and the winter freeze in Ireland). The largest single loss event was a pharma loss of CHF 30m.
The non-life combined ratio rose to 97.8% after the outstanding years of 2009 and 2010, for which the combined ratios were 84.1% and 89.4% respectively.
Investments and other result
The further appreciation of the Swiss Franc against major currencies led to a negative effect of CHF 21m. The investment return in original currencies amounted to 4.0%. CHF 14m gains were realised trough sales of investments
Strong equity base
With shareholder’s equity of CHF 815m and an equalisation reserve of CHF 212m, NewRe remains a strongly capitalised and reliable partner. The S&P rating continues to be AA-.
Outlook for 2012
For the first time after several years of softening markets, market conditions look more promising for 2012. NewRe expects a slight increase in traditional segments and continues to build on its expertise in tailor-made structured solutions.
Due to the debt crisis and low interest rates, the environment for investments remains challenging.