Traditional reinsurance sector remained profitable in 2017
The traditional reinsurance sector as a whole continued to make money in 2017 with net income across a group of 21 major reinsurers at $4.0 billion, according to the most recent Aon Benfield Aggregate (ABA).
The net income contributed toward a 2.5 percent increase in total equity to $204 billion. The return on average equity stood at 2.0 percent.
Property and casualty (P&C) underwriting losses stood at $10.6 billion, on net premiums earned of $144 billion, representing a combined ratio of 107.4 percent.
Natural catastrophe losses of $23.6 billion were partly offset by favourable prior year reserve development of $5.9 billion. The figures should be viewed in the context of a total investment return of $29.5 billion, Aon Benfield noted.
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