30 Annual Report 2019 Overall technical result Life New Life business as well as business in force contributed to the positive Life re sult Significant strengthening of the Life fluctuation reserve covering tail risk events led to an overall negative technical Life result Overall technical result Non life The positive Non life technical result was mainly driven by benign natural catas trophe losses and reserve releases in Motor UK as a result of the Ogden rate change Net result from derivative financial instruments The Net result from derivative financial instruments increased by CHF 65m On the one hand this relates to our Life rein surance business covering market risks which developed positively in line with the growth of our portfolio On the other hand it contains direct and intra group Weather business which contributed sig nificantly to the positive result Other income and expenses A large component of Other income and Other expenses was foreign exchange gains and losses which were in part off set by currency hedges see Income statement for details The offsetting gains and losses from currency hedge transactions with derivatives are recorded within the investment result Events after the balance sheet date Despite the COVID 19 pandemic we cur rently do not expect a major strain on our Life and Non life reinsurance business Although a severe global pandemic is the largest possible accumulation risk in this category we do not currently anticipate the severity to reach several hundreds of thousands of casualties worldwide Even in the very unlikely scenario of a world wide pandemic equivalent to a 100 year event insurance claims are expected to be similar in scope to a medium sized natural catastrophe in property casualty reinsurance With regards to our financial instruments while high uncertainty prevails we expect the impact of turmoil on the financial mar kets to be manageable Even if a worldwide pandemic with the aforementioned effects were to occur NewRe has sufficient financial resources to continue its business activities Shareholder The shareholder of New Reinsurance Company Ltd Zurich is Munich Reinsur ance Company Münchener Rückversi cherungs Gesellschaft Aktiengesellschaft in München which holds 100 of the shares in the Company The share capital consists of 1 3 million shares each with a nominal value of CHF 200 NewRe AnnualReport 2019 Korrekt indd 30 27 04 20 09 43

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