Results
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Axa estimated its total 2020 impact from Covid-19 for the group at EUR1.5bn, which it booked in the first half. -
The insurer had previously confirmed details of its $4.5bn treaty renewal.
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The P&C business posted a EUR167.9mn underwriting deficit on EUR380mn in Covid-19-related losses.
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An expanding book of primary business and the elimination of quota share agreements helped boost profits.
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AIG turned a $2mn investment loss from its small stake in the ILS manager's funds.
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The firm's ILS AuM remains at $1.5bn nominally, but reserves pulled deployable capital to $1bn.
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The outgoing CUO emphasises large pro-rata book and interest rate impact.
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Nat-cat experience was slightly adverse but Covid-19 losses were the main driver.
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Sussex and Versutus investors narrowed their loss from H1 2019.
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Universal ceded $11mn of prior-year losses to reinsurers.
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The insurer said it has substantial reinsurance cover available although none have been drawn on yet.
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The carrier has reduced its frequency risk while lifting exposure to tail events.
