... reinsurers generated solid underwriting profits in 2013 due mostly to manageable catastrophe-related losses and sustained favourable loss reserve development. The non-life global reinsurers that Fitch Ratings tracks posted an improved reinsurance underwriting combined ratio of 85.5% in 2013, compared with 89.3% in 2012. Capital Growth Muted in 2013: Solid underwriting profitability was offset by an adverse change in the unrealised investment gain/loss position on fixed maturities and capital market activity, resulting in shareholders' equity growth of only 0.6% for non-life reinsurers in 2013. In addition, this group experienced only marginal growth in reinsurance premiums written as underwriting opportunities are limited. Life Reinsurers' Profits Drop: Life reinsurance operations monitored by Fitch reported a 5.8% increase in net premiums earned in 2013. However, the pre-tax income of the life reinsurance operations declined by 28.1% compared...
