Introduction
Under Solvency II, European insurers and reinsurers are required to publish Solvency and Financial Condition Reports (SFCRs). The SFCRs contain a significant amount of information, including details on business performance, risk profile, balance sheet and capital position. Insurers and reinsurers are also required to publish quantitative information in the public Quantitative Reporting Templates (QRTs) included within the SFCRs. This report focuses on the SFCRs published in 2025 that refer to year-ends in 2024.
Irish market coverage
All SFCRs for Irish insurance companies are available on the website of the Central Bank of Ireland (CBI) for financial year-ends in the 2016 calendar year to financial year-ends in the 2024 calendar year. The CBI also publishes a data repository spreadsheet with detailed QRT information by company. We have produced this report using the data from this repository for the 44 reinsurance companies that were authorised in Ireland as of 31 December 2024.
The number of reinsurers authorised in Ireland as of 31 December 2024 has reduced to 44 from 48 in the previous year.
Appendix 1 contains a list of all Irish reinsurers included in our analysis. Special Purpose Vehicles are not included in our analysis.
Underlying data
In carrying out our analysis and producing this research report, we relied on data published by the CBI. We have not audited or verified this data. If the underlying data or information is inaccurate or incomplete, the results of our analysis may likewise be inaccurate or incomplete.
We performed a limited review of the data used directly in our analysis for reasonableness and consistency and did not find material defects in the data.
This research report is intended solely for educational purposes and presents information of a general nature. This report is not intended to guide or determine any specific individual situation, and persons should consult qualified professionals before taking specific actions.
Analysis of Irish reinsurers
Analysis of premiums
The total volume of gross premiums written has increased to €37.4 billion for financial year-ends in the 2024 calendar year, which is a 36% increase from the €27.6 billion in 2023.
The 10 Irish reinsurers with the highest total written premiums in 2024 are shown in Figure 1, along with a comparison to the previous year. These figures are provided in the QRT S.05.01, where gross written premiums are defined as all amounts due during the financial year. Therefore, it represents all premium income during the year (not just new business premiums), including recurring premiums on regular premium business.
Figure 1: Top 10 gross written premiums (% shows comparison to previous year)
| Total gross written premiums (€ millions) |
2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Total | Life | Non-Life | Total | Life | Non-Life | |
| Hannover Re (Ireland) DAC | 8,266 (25%) | 378 (−28%) | 7,889 (30%) | 6,593 | 522 | 6,070 |
| Allianz Re Dublin DAC | 7,416 (10%) | - | 7,416 (10%) | 6,740 | - | 6,740 |
| Partner Re Europe SE | 4,015 (1%) | 1,543 (17%) | 2,472 (−7%) | 3,979 | 1,318 | 2,661 |
| SCOR Ireland DAC | 3,958 (8%) | 3,535 (6%) | 423 (41%) | 3,651 | 3,351 | 301 |
| SCOR Global Re Ireland DAC | 3,267 (7%) | 1,570 (−2%) | 1,697 (16%) | 3,066 | 1,607 | 1,459 |
| HDI Re (Ireland) SE | 2,922 (17%) | - | 2,922 (17%) | 2,505 | - | 2,505 |
| XL RE EUROPE SE | 1,593 (40%) | 10 (−9%) | 1,583 (40%) | 1,138 | 11 | 1,127 |
| RGA International Re Company DAC | 1,447 (8%) | 1,424 (11%) | 23 (−60%) | 1,341 | 1,283 | 58 |
| Arch Re Europe Underwriting DAC | 1,384 (48%) | - | 1,384 (48%) | 938 | - | 938 |
| Everest Re Company (Ireland) DAC | 1,005 (13%) | - | 1,005 (13%) | 893 | - | 893 |
The top 10 companies shown represent 94% of the total gross written premium in 2024. All of the top 10 companies experienced growth in gross written premiums in 2024, some considerably so.
Analysis of investments
Total balance sheet assets for reinsurers in Ireland at financial year-ends in 2024 were €77.8 billion (in 2023, €70.5 billion). Most of the Irish reinsurance companies' balance sheet assets are assets held in corporate and government bonds. Total assets held in bonds at year-end 2024 were €27.9 billion (in 2023, €24.3 billion).
Most of the remaining assets relate to €39.8 billion in financial investments (in 2023, €32.3 billion) and €14.5 billion in reinsurance recoverables (in 2023, €12.6 billion). Figure 2 provides a detailed breakdown of the €39.8 billion in financial investments.
Figure 2: Split of financial investments by asset class
A majority of Irish reinsurers continue to be heavily invested in bonds, with 45% of investments in corporate bonds and 20% of investments in government bonds. The remainder of investments are split, as shown in the table in Figure 3.
Figure 3: Split of financial investments by asset class
| 2024 | 2023 | |
|---|---|---|
| Corporate bonds | 45% | 45% |
| Government bonds | 20% | 18% |
| Other bonds | 5% | 5% |
| Collective investments | 8% | 8% |
| Cash and deposits | 6% | 6% |
| Other | 17% | 19% |
Analysis of solvency coverage
Solvency coverage ratios
The aggregate solvency coverage ratio for Irish reinsurers was 137% for financial year-ends in 2024 (in 2023, 139%). This is calculated as total eligible own funds divided by solvency capital requirement (SCR) for all entities included in our analysis, based on the figures reported in SFCRs. Solvency coverage is in excess of the required 100% coverage level, indicating that, in aggregate, Irish reinsurers were in a healthy solvency position at year-end 2024.
Approximately half of the companies have reported a reduction in solvency coverage at year-end 2024.
Figure 4 shows the individual solvency coverage ratios by company for Irish reinsurers at year-end 2024. The horizontal axis shows the corresponding own funds by company.
Figure 4: 2024 distribution of solvency coverage ratios
Magnifying the lower-left quadrant makes the remaining cluster of companies clearer, as shown in the chart in Figure 5.
Figure 5: 2024 distribution of solvency coverage ratios, lower-left quadrant only
Smaller firms (as measured by own funds) tend to have higher solvency coverage ratios. In contrast, larger firms typically have lower solvency ratios. Of the 18 reinsurers with own funds in excess of €100 million at financial year-ends in 2024, 13 had solvency coverage ratios in the range of 150% to 250%. Two had solvency coverage ratios greater than 250% (Canada Life Re and Squadron Reinsurance, shown in Figure 4), and three were less than 150% (with the lowest being XL RE Europe at 131%, shown in Figure 4).
SCR: Internal model companies
Allianz Re Dublin DAC, Hannover Re DAC, HDI Re SE, SCOR Global Re Ireland DAC and SCOR Ireland DAC use internal models to calculate their SCRs.
Long-term guarantee and transitional measures
A number of measures are available to insurers both in terms of transitioning to the Solvency II regime and in terms of allowing for the impact of long-term guarantees. The measures include the use of the volatility adjustment or the matching adjustment (long-term guarantee measures), transitional measures on technical provisions or the risk-free interest rate term structure and transitional measures relating to the SCR.
The following five Irish reinsurers were using the volatility adjustment as of year-end 2024:
- Allianz Re Dublin Designated Activity Company
- Canada Life Re Ireland DAC
- Hannover Re (Ireland) DAC
- HDI Reinsurance (Ireland) SE
- XL RE Europe SE
The benefit on the solvency coverage ratio for each company is shown in Figure 6. Note the volatility adjustment benefit presented is included in the reported solvency coverage ratio.
Figure 6: Solvency coverage benefit due to volatility adjustment
| Solvency coverage ratio reported year-end 2024 | VA benefit year-end 2024 | VA benefit year-end 2023 | |
|---|---|---|---|
| Allianz Re Dublin Designated Activity Company | 198% | +3% | +3% |
| Canada Life Re Ireland DAC | 259% | +5% | +7% |
| Hannover Re (Ireland) DAC | 194% | +0% | +1% |
| HDI Reinsurance (Ireland) SE | 175% | +6% | +9% |
| XL RE Europe SE | 131% | +2% | +2% |
No Irish reinsurer is using the matching adjustment or the transitional measures.
Summary
The key points noted in our analysis of Irish reinsurers’ SFCRs are:
- Overall, there is a material increase in gross written premiums in 2024 compared to 2023 for reinsurers.
- Total balance sheet assets have increased by c. 10% compared to the previous year.
- There has been a small reduction in solvency coverage ratios for many reinsurers.
- There continues to be limited use of internal models and moderate use of the volatility adjustment.
Appendix 1: Reinsurers included in the analysis
The following table sets out the 44 reinsurers based in Ireland included in our year-end 2024 analysis.
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