Deutsche Rückversicherung Switzerland Ltd – annual report 2023

Our figures speak for themselves!

Business performance 2023: DR Swiss expands international markets business

An accumulation of natural catastrophe losses left its mark on DR Swiss' annual financial statements and business results for 2023. A good investment result softened the impact and contributed to an only slightly negative result of CHF –0.1 million.

DR Swiss recorded a 7.5% decline in premiums in the 2023 financial year, from CHF 343.1 million to CHF 317.4 million. The decline in premiums is primarily due to the discontinuation of two large motor quotas in the continuity business. In the market business, however, premium income rose sharply by 18.8% to CHF 234.7 million, compared to CHF 197.6 million in the previous year. The distribution of premiums has thus developed clearly in favour of the international markets business.

A series of major natural catastrophe losses, in particular floods, landslides and a series of massive hailstorms, had a negative impact on the loss ratio. It increased from 67.1% in the previous year to 77.5% in the year under review. The claims situation led to a technical loss before own administrative expenses of CHF 13.8 million compared to a technical profit of CHF 18.1 million in the previous year. 

The positive investment result of CHF 21.4 million partially offset the underwriting result. The annual result for 2023 after taxes stood at CHF –0.1 million.

Strong capitalisation at AAA level

In 2023, 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.

Developement of GPE 2019 - 2023

in CHF million

Performance 2019 - 2023

in CHF million (inkl. Cash deposits)