Waica Re: 2023 results

Waica Re has published its financial results for 2023, in accordance with IFRS 9 and IFRS 17.

Reinsurance revenue amounted to 255.7 million USD, up by 26% on the 203.535 million USD recorded in 2022.

Reinsurance revenue from the non-life business totalled 249.924 million USD, while that for the life business stood at 5.776 million USD.

The combined ratio, calculated in accordance with IFRS 17, remained stable at 83%. Net profit improved by 56% to 36.043 million USD, compared with 23.095 million USD a year earlier.

During the reporting period, the company's shareholders' equity reached 157.17 million USD, representing a 46% increase over one year. Share capital rose from 49.083 million USD at 31 December 2022 to 57.805 million USD twelve months later.

Waica Re is rated B (financial strength) and bb+ (long-term credit) by the rating agency AM Best.