Deutsche Rück GWP tops 2 billion euros in FY24

By Rebecca Delaney

May 20 - (The Insurer) - German reinsurer Deutsche Rück has posted gross written premiums of 2.1 billion euros for the 2024 financial year, marking a year-on-year increase of 18.3%, the company said on Tuesday.

Net premiums earned for the period increased by 17.5% to 1.4 billion euros, driven by growth across both international markets and the German domestic market.

Deutsche Rück said the most significant premium increases were attributed to the liability, accident and motor insurance business, which is the second-largest segment of its portfolio.

In the liability, accident and motor insurance business, GWP increased by 23.9% year-on-year to 485.8 million euros.

Other lines of insurance grew by 28.0% to 102.9 million euros of GWP in 2024.

Gross premium income in property insurance (which accounts for more than two-thirds of Deutsche Rück's gross premiums) totalled 1.4 billion euros, marking a year-on-year increase of 16.5%.

Frank Schaar, outgoing CEO of the Deustche Rück Group, confirmed in a statement that claims were at a "satisfactory level" below the group's calculated expectations in both nat cat and fire business.

However, Schaar added that gross claims incurred were higher than in the previous year, partly due to flooding in Europe and heavy rainfall in the Middle East.

"Thanks to Deutsche Rück Group's retrocession programme focused on property business, the net claims incurred rose only moderately," he said.

Overall, net profit after tax stood at 14.5 million euros, up from 12.0 million euros in the 2023 financial year.