Arundo Re has announced its financial results for the 2024 fiscal year, showing continued profitable growth despite an increased frequency of climate-related events.
The company reported a 15% increase in turnover, reaching €1.361 billion compared to 2023 figures at standard exchange rates (12% at constant exchange rates). This growth was attributed to strong performance in non-life and specialty segments across all geographic regions where the company operates.
Arundo Re’s combined ratio (undiscounted) improved to 94.7% under French GAAP, down from 96.6% in the previous year. The company maintained a stable cost ratio of 4.3%, identical to 2023 levels, demonstrating continued operational efficiency.
The reinsurer’s assets delivered an accounting yield of 2.6%, benefiting from favorable interest rates. Unrealized capital gains reached €20 million on total assets of €3.82 billion at market value. These factors contributed to an EBITAER of €109 million and a net profit of €64 million, marking an increase from 2023 results.
The company’s solvency ratio stood at 211% as of Dec. 31, 2024, reflecting a strong balance sheet position.
Despite these positive results, Arundo Re faced significant challenges during the year, particularly an exceptional accumulation of natural catastrophes in Canada including wildfires, hailstorms, flooding, and a cyclone. The company also noted a high frequency of medium-sized claims directly attributed to climate change.
In the life segment, portfolio profitability reached 1.5%, which the company linked to the reconstitution of provisions.
Patrick Bernasconi, chairman of Arundo Re’s board of directors, expressed satisfaction with the results, stating they aligned with the business plan established by the new board. “It is a great pleasure to share this new success with Arundo Re’s teams, customers and partners,” Bernasconi said. “We are honored by the loyalty of the relationships we have established, which are bearing fruit.”
CEO Bertrand Labilloy emphasized the company’s resilience: “In 2024, Arundo Re maintained its profitable growth trajectory despite the rising cost of natural catastrophes. These results continue to demonstrate the relevance of our strategy: the solidity of our balance sheet continues to strengthen, and this gives us an attractive degree of flexibility in this ever-changing environment.”
Arundo Re operates in 103 countries worldwide in traditional property and casualty, life and health segments, as well as specialty lines including credit, marine, aviation, space, and agriculture.
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