CCR Group

2020 Annual Results

Regulatory News:

The 2020 financial statements (CCR standalone and Group consolidated) (Paris:CCRAA) were approved for publication by CCR’s Board of Directors on April 7, 2021. After the meeting, the Chairman of the Board, Pierre Blayau, said:

“In last year’s singularly difficult Covid-19 environment, the CCR Group powerfully demonstrated the quality of its business model. CCR fulfilled its corporate mission by deploying a mechanism to support supplier credit, which plays an important role in fueling the domestic economy, and by providing protection against the financial impacts of natural disasters. CCR Re continued to grow its business, raised new debt and improved its solvency ratio, while also preserving its income despite the losses associated with Covid-19 and the Beirut explosion. It held firm to the trajectory set in the strategic plan, and I would like to congratulate the Chief Executive Officer and his teams for their performance.”

The CCR Group had €1,866 million in consolidated gross written premium and €90 million in consolidated net income in 2020.

CCR – Public reinsurance

In an environment shaped by the Covid-19 pandemic, the French government called on CCR to provide reinsurance cover for the portfolios of domestic credit insurers through the Cap, Cap+ and Cap Relais mechanisms, adding €260 million to its gross written premium for the year.

• The company’s gross written premium for 2020 came to €1,215 million, up 29% on 2019. This amount breaks down as follows by business line: Object Omitted
• Natural disaster claims were high in 2020, with a major drought affecting a quarter of France and extensive flood damage caused by storm Alex in October. In all, natural disaster losses for the year amounted to €775 million.
• CCR’s return on investment was 1.3%. The portfolio’s market value stood at €8.6 billion at December 31, 2020, reflecting an increase of €426 million over the year.
• The company’s cost ratio stood at 2.1%.
• CCR’s net income on a stand-alone basis came to €61 million.
• In 2021, CCR has sufficient capital to absorb natural disaster losses of up to €4.6 billion without drawing on the State guarantee.

(in millions of euros)