15 Annual Report 2019 Significant events In Non life NewRe s natural catastrophe reinsurance business experienced another year of benign losses There was no significant event with a bottom line im pact above CHF 10m apart from snow pressure in Austria where a loss of less than CHF 15m is expected Casualty business benefitted from the change in the Ogden discount rate in the UK lead ing to reserve releases Weather business outperformed its busi ness plan due to both intra group busi ness stemming from the US as well as European business The early termination of a large Life deal led to a release of future profits in 2019 Risk management Due to the volatile nature of the reinsur ance business and the potential for sig nificant losses NewRe has a dedicated risk policy and maintains a tight risk man agement system The features of this risk management system are explained in more detail in the relevant section of this report see page 16 Risk assessment All events and impacts experienced in 2019 were within the expected range Outlook In NewRe s Non life reinsurance business 1 January is the date on which a signifi cant portion of the book is due for renewal The 1 January 2020 business renewals saw growth in both the Property and Casu alty segments Price levels stayed overall stable except for the UK market where business affected by the Ogden discount rate experienced double digit rate increases Life reinsurance business is written throughout the year In light of NewRe s positioning in the market and its growth strategy top and bottom line growth is expected All in all the outlook for NewRe s busi ness in 2020 is favourable but 2019 re sults might not be reached as one time effects like reserve releases due to the change in the Ogden discount rate posi tively impacted the result This even more so as reinsurance business remains highly volatile by nature The natural ca tastrophe reinsurance segment and para metric weather business in particular may be affected by large loss events and weather extremes In addition NewRe has significant risk in the Life segment from a number of possible events such as pandemic large losses lapse and losses on our market risk transfer portfolio Despite the COVID 19 pandemic we cur rently do not expect a major strain on our Life and Non life reinsurance business We also refer to Events after the balance sheet date in the notes to the financial statements page 30 Based on NewRe s current capitalisation and growth expectations future profits will be distributed as dividends to Munich Re NewRe AnnualReport 2019 Korrekt indd 15 27 04 20 09 43

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