11 Annual Report 2020 Letter from the CEO I am writing to you as CEO of NewRe for the first time Personally I am very hon oured to have been granted the opportu nity to build on NewRe s success and play a role in shaping the future of our unique company 2020 has been unlike any other year The pandemic has thrown almost every as pect of life into disarray But while we have suffered we have also learned a lot both as the re insurance industry and as a company NewRe with its outstanding body of staff has demonstrated more than ever its resilience and ability to adapt swiftly to new needs and circumstances The year that was In 2020 NewRe s premium volume rose from CHF 5 4bn in 2019 to CHF 5 6bn In Life reinsurance NewRe was able to ben efit from business opportunities primarily in the North American market compen sating for terminated business while overall seeing price increases and growth in its Property Casualty lines in Europe At CHF 118m NewRe s overall 2020 re sult was below the previous year s excep tional figure of CHF 210m However without the losses from Covid 19 in Life and Non Life NewRe would have achieved an excellent result once again Overall 2020 has showcased our resil ience in times of crisis To learn more please turn to our financial statements and the Management report see page 16 and take a closer look at what drove our 2020 performance Tackling the pandemic We fully expect the pandemic s presence will continue to be felt throughout 2021 and beyond There is still uncertainty as to what long term effects Covid 19 will have on macroeconomies capital mar kets and some lines of businesses To day three key lessons learned are already evident Firstly reinsurance has proved to be an indispensable part of risk management for insurance companies worldwide De mand is rising for individual structured solutions Secondly with interest rates remaining low prices for insurance and reinsurance cannot continue to be cross subsidised by investment income We have therefore seen price increases in many lines of businesses for the 2020 year end renewal Lasty the crisis has caused digitalisation to accelerate at a rate that no one could previously have imagined Within days brokers clients and we ourselves had moved from the office to desks at home Our teams have demonstrated their ability to adapt quickly to the new world We successfully managed the first fully virtual renewal and simultaneously expanded our businesses NewRe AnnualReport 2020 indd 11 28 04 21 19 06

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