New Zealand-based insurer Tower Limited has posted a more than tenfold increase in underlying net profit after tax to NZ$83.5mn ($49.3mn) for the financial year ended 30 September 2024, with results bolstered by a reduction in large loss events.
Results
Despite heightened competition in property and minimal impact from late hurricane season activity, the overall growth outlook for the E&S market remains strong, largely driven by healthy submission flow, especially in casualty.
Australian insurer QBE has maintained its guidance for a full-year combined ratio of 93.5 percent, with catastrophe losses for the year so far coming in within budget following the repositioning of its US property cat exposure.
Vienna Insurance Group (VIG) has reported a P&C net combined ratio of 94.3 percent for the first nine months of 2024, with the group confirming a positive outlook for the financial year with profit before tax expected to be at the upper end of its target range.
Baloise is likely to generate enough cash in 2024 to launch a CHF100mn ($113mn) buyback, analysts at Berenberg have said following the company’s third quarter trading update on Wednesday.
MS Reinsurance, MS&AD’s Zurich-based reinsurance arm, has posted a combined ratio of 90.2 percent for the first six months of 2024, driven by lower natural catastrophe exposure during the period.
Japanese insurer Sompo’s domestic P&C operations have posted a combined ratio of 99.3 percent for the fiscal first half, an improvement of 1.4 percentage points owing to a decrease in natural catastrophe losses.
MS Amlin has reported a combined ratio of 84.5 percent for its Lloyd’s business for the first half of 2024, a year-on-year improvement of 6.3 percentage points.
Tokio Marine’s international operations reported a 5.2 percent increase in net premiums written (NPW) for the second quarter of its financial year, helping to drive a jump in unit profits despite the impact of natural catastrophe losses.
Corporate and specialty insurer HDI Global has posted a combined ratio of 90.5 percent for the first nine months of 2024, an improvement of 2.2 percentage points year on year.
India’s state-backed reinsurer GIC Re saw its underwriting loss narrow as it reported a combined ratio of 111.6 percent for the first six months of its fiscal year ended 30 September 2024.
Progressive’s combined ratio for October 2024 deteriorated by 2.4 points to 94.1 percent as the US personal lines giant absorbed the impact of 3.2 points of vehicle losses related to Hurricane Milton and Hurricane Helene.
Italian insurer Generali is seeking premium increases at 1 January 2025 that match if not exceed higher risk premiums across both motor and non-motor lines, according to Giulio Terzariol.
Talanx Group has reported a combined ratio of 91.2 percent for the first nine months of 2024, an improvement of 2.3 percentage points year on year.
Italian insurer Generali has posted a P&C combined ratio of 94.0 percent for the first nine months of 2024, despite a “significant” natural catastrophe impact of 3.8 percentage points.
