Deutsche Rückversicherung Switzerland Ltd – annual report 2022

In the 2022 financial year, Deutsche Rückversicherung Switzerland Ltd (DR Swiss) was once again able to expand its business and at the same time to strengthen its assets. Gross premiums written rose by 8.3% to more than CHF 343.1 million. Net premiums earned were up 8.5% on the previous year.

Significantly lower loss ratios

In 2022, the insurance markets across Western Europe were affected by several storm and hail events. A series of storms that occurred during the second half of February resulted in gross claims expenditure for DR Swiss of CHF 14.6 million. The net amount, i.e. after retrocession, was CHF 13.3 million. Particularly affected by these events were Germany, the Benelux states, France and the United Kingdom. May and June 2022 saw a succession of three hail events in France, with the two smaller events costing CHF 0.6 million and CHF 0.8 million respectively.

Favourable annual result after taxes

Overall, the net underwriting profit before own administrative expenses was CHF 18.1 million or 5.4% of premiums earned for own account. Although the investment result of CHF –13.3 million was below the previous year’s figure of CHF 24.5 million, the overall annual result after taxes for the year under review improved to CHF 6.9 million compared to the previous year.

Strong capitalisation at AAA level

In 2022, the rating agency Standard & Poor’s once again confirmed our rating of “A+” with a “stable” outlook. In addition to the Group’s solid capitalisation at AAA level, the rating agency also acknowledged the Deutsche Rück Group's strategy of further expanding its international business. Standard & Poor’s sees this as a driver for growth and portfolio diversification.