CCR Re was unaffected by the current health restrictions and reported total premiums worth EUR 843 million, up by 30% y-o-y, while the net result of EUR 41 million. The occurrence of the war in Ukraine is not expected to adversely affect CCR Re.

S&P and AM Best confirmed CCR Re's financial strength rating as "A Excellent" with a stable outlook.

According to the Group's press communication, the highlights of CCR Re's activity are the following:

• CCR Re's combined ratio stood at 96.6%, representing a significant decrease versus 2020. Against a background of high natural disaster claims, particularly in Germany and Belgium, CCR Re benefited from the protection provided by the retrocession program (reducing the cost of natural disasters from EUR 79 million gross to EUR 43 million, net of retrocession).
• In Life, profitability improved with a technical margin of 3.1% while remaining impacted by the cost of Covid-related claims.
• CCR Re's return on invested assets was 1.9%. As of December 31, 2021, the portfolio had a market value of EUR 3.0 billion (an increase of EUR 100 million compared to the previous year-end), which included EUR 431 million in unrealized capital gains.
• The cost ratio continued its decline to 4.3%.
• EBITER (Earnings Before Interests, Taxes and Equalization Reserve) amounted to EUR 62 million.
• All told, CCR Re's net income for the year was EUR 41 million, up considerably on the EUR 18 million posted in 2020.
• At its meeting on March 16, 2022, CCR Re's Board of Directors recommended a dividend payout to shareholders of EUR 12.3 million.
• At end-2021, CCR Re's solvency ratio stood at 192%, in the optimal [180%-220%] range defined by the risk appetite framework.
  

The occurrence of the war in Ukraine, after the close of the fiscal year, is not expected to adversely affect CCR Re. CCR Re's reinsurance portfolio is not directly exposed to Ukraine or Russia. The indirect exposure of its Specialty lines is likely to remain limited. CCR Re's asset portfolio has no direct exposure and does not hold any assets denominated in rubles or hryvnia. The portfolio is resilient to the market upheaval caused by this event.

At end-2021, CCR Re's solvency ratio stood at 192%, in the optimal [180%-220%] range defined by the risk appetite framework.

More details on CCR Re's results for 2021 are available on the company's website here.

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