14 Annual Report 2019 In Life reinsurance business opportun ities arose in the North American market where mortality covers were written and in the German market due to interest rate based reserving requirements so called Zinszusatzreserve and generally due to solvency requirements for primary insurance clients NewRe was able to benefit from this environment and several new Life transactions were signed Staff The total workforce of NewRe was 117 FTEs at the beginning and 109 FTEs at the end of 2019 with an average of 113 FTEs during the year Innovation and development In Non life reinsurance our aim has been to continue to offer solvency earnings protection and retrospective products In Life reinsurance our focus has been on supporting primary insurance companies in offering innovative products to their clients and on covering the risks associa ted with those new products General overview In 2019 NewRe s top line developed slightly positive Primarily driven by Life business premium volume rose from CHF 5 3bn in 2018 to CHF 5 4bn in 2019 At CHF 210 3m NewRe s overall 2019 re sult compares favourably to the previous year s figure of CHF 133m This solid result stems from profits in natural catas trophe reinsurance business which showed favourable loss development reserve releases in Motor UK as a result of the Ogden rate change positive devel opment in the Weather segment and positive new and existing Life business Market conditions competition supply and demand In its P C lines of business in Europe NewRe observed overall stable condi tions except for the UK market where the Ogden discount rate change resulted in significant price increases in the Motor XL business In Property reinsurance price levels re duced slightly across Europe caused by continued strong supply of reinsurance capacity pared with several years of be nign natural catastrophe losses With the exception of UK the Casualty book ex perienced overall moderate positive price corrections but margins still suffered from the low interest rate environment and continuous pressure on inflation Management report NewRe AnnualReport 2019 Korrekt indd 14 27 04 20 09 43

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