Johannes Bender Frankfurt +49-693-399-9196
Taoufik Gharib New York +1-212-438-7253
To bring you the 2022 edition of Global Reinsurance Highlights, S&P Global Ratings sought data on 152 reinsurance organizations from 32 countries. As in previous years, the data is based on survey responses from reinsurance organizations worldwide.
To ensure consistency, we requested that respondents complied with clear guidelines on the definition of the financial items required. In addition, S&P Global Ratings attempted to verify the data submitted with reference to publicly available data sources, insofar as this was possible.
Our ongoing aim in producing this data is to provide market participants with an indication of the ongoing reinsurance capacity available in each market. Hence, we try to exclude intragroup reinsurance, as far as possible. Companies that have not been able to exclude intragroup reinsurance are highlighted in the footnotes.
One of the challenges has been to separate reinsurance from primary insurance business, especially when reinsurance operation is a division within a company and not a distinct operation. Generally speaking, the premium data relates to a company's reinsurance premiums written but, in some cases, other metrics will include both primary and reinsurance business. These cases can be identified through the footnotes to the tables, although if we do not consider that the metrics provided by the company are representative of the company's reinsurance operations, we have marked the metric as not available (N.A.).
For companies that report in currencies other than the U.S. dollar, we have converted the reported data at year-end exchange rates.
We have endeavoured to collect the data underlying each group or entity's combined ratio in order to calculate this metric in a comparable manner. The combined ratios presented in our Global Reinsurance Highlights report have been calculated as: (net losses incurred + net underwriting expenses)/net premiums earned. The combined (loss and expense) ratio of any entity that writes purely life reinsurance has been marked as not meaningful (N.M.), as we do not consider this to be an accurate measure of a life reinsurer's profitability. For groups or entities that write both non-life and life reinsurance business, the combined ratio reflects non-life business only.
The main group and country listing for each entity surveyed is representative of that group or company's total reinsurance business written, whether it be life, non-life, or a combination of both.
Rating--Financial strength ratings of core operating entities of the groups as of Aug. 23, 2022. N.A.--Not available. N.M.--Not meaningful. N.R.--Not rated. Notes: Exchange rates may slightly differ from previous years’ GRH data due to alignment of foreign exchange rates with other S&P Global surveys. (1) Munich Reinsurance Co.: Total adjusted shareholders’ funds for the group includes ERGO. (2) Swiss Reinsurance Co.: Figures represent the group as a whole including primary business. (3) Lloyd's: Investment income/other income not available at reinsurance class of business level. Adjusted shareholders’ funds are members’ funds for the market as a whole. (4) Allianz SE: Data refer to reinsurance business written by Allianz SE. Figures are based on IFRS results (only external business). Adjusted shareholders’ funds not available at external business level.
Rating--Financial strength ratings of core operating entities of the groups as of Aug. 23, 2022. *Rating--Financial strength ratings of core operating entities of the groups. §Rating--Turkey National Scale. N.A.--Not available. N.M.--Not meaningful. N.R.--Not rated. Note: Exchange rates may slightly differ from previous years’ GRH data due to alignment of foreign exchange rates with other S&P Global surveys.
