The Aon Benfield Aggregate

The Aon Benfield
Aggregate
Nine months ended September 30, 2010
2010年1~9月期
Prepared by Aon Benfield Research
Global (Re)insurer Capital （再）保険者の資本推移
500
17%
450
-17%
400
18%
USDbn
350
300
250
200
150
100
50
0
2007
Aon Benfield Research
Proprietary & Confidential
2008
2009
9M 2010
1
P&C Gross Premiums Written, % change グロス計上保険料（損保）増収率
227%
Starr Indemnity
Greenlight Re
PartnerRe
Validus
Maiden
Montpelier Re
Flagstone Re
SCOR
Hannover Re
Fairfax
Alterra
Axis Capital
Everest Re
Endurance Specialty
Munich Re
ACE
Allied World
Aspen
ABA
XL Group
Transatlantic Holdings
Gen Re
Dorinco
White Mountains
American Agricultural
RenaissanceRe
National Indemnity
Arch Capital
Swiss Re
Platinum
Argo Group
-0.1%
-30%
-20%
-10%
0%
10%
20%
30%
% Change in P&C Gross Premiums Written (Reporting Currency)
Aon Benfield Research
Proprietary & Confidential
2
40%
50%
Distribution of Net Premiums Written 正味計上保険料の会社別内訳
9M 2010 P&C Net Premiums Written
USD87bn
Munich Re 22.4%
ACE 10.6%
Swiss Re 10.1%
Hannover Re 6.6%
XL Group 4.5%
National Indemnity 4.3%
Fairfax 3.9%
PartnerRe 3.9%
SCOR 3.9%
Everest Re 3.5%
Remainder 26.3%
Aon Benfield Research
Proprietary & Confidential
3
ABA Pre-Tax Profit ABA税引前利益
40
30
Pre-tax profit USDbn
23.0
20
17.6
10
0
-10
-20
9M 2009
Aon Benfield Research
Proprietary & Confidential
9M 2010
Other その他
Capital gains/losses
Life underwriting result 生保引受利益
Non-life underwriting result 損保引受利益
Investment income 投資収益
Pre-tax profit
4
キャピタル・ゲイン（ロス）
税引前利益
Pre-Tax Profits, % change 税引前利益増加率
1150%
816%
513%
National Indemnity
Swiss Re
XL Group
Axis Capital
American Agricultural
Starr Indemnity
Gen Re
SCOR
ACE
ABA
Allied World
Alterra
Maiden
Dorinco
Argo Group
Arch Capital
Hannover Re
Munich Re
RenaissanceRe
Platinum
Fairfax
Transatlantic Holdings
Endurance Specialty
PartnerRe
Aspen
Everest Re
Montpelier Re
Validus
Flagstone Re
Greenlight Re
White Mountains
-100%
31%
-50%
0%
50%
100%
150%
% Change in 9M 2010/09 Pre-tax Profit (Reporting Currency)
Aon Benfield Research
Proprietary & Confidential
5
200%
ABA Combined Ratio ABAコンバインド・レシオ
110%
96.8%
91.1%
-4.5%
90%
70%
71.1%
65.2%
50%
30%
29.3%
30.2%
10%
-10%
-3.4%
9M 2009 COR
2009年9月末
コンバインド・レシオ
Aon Benfield Research
Proprietary & Confidential
Expense ratio
事業費率
Loss ratio
損害率
Prior year reserve adj
9M 2010 COR
過年度リザーブ調整額
2010年9月末
コンバインド・レシオ
6
Combined Ratios コンバインド・レシオ
Starr Indemnity
Fairfax
American Agricultural
Everest Re
Argo Group
White Mountains
Greenlight Re
Munich Re
Flagstone Re
Transatlantic Holdings
Hannover Re
SCOR
Aspen
ABA
Maiden
XL Group
Swiss Re
PartnerRe
Arch Capital
Validus
Gen Re
ACE
Endurance Specialty
Axis Capital
National Indemnity
Alterra
Allied World
Dorinco
Montpelier Re
Platinum
RenaissanceRe
50%
Aon Benfield Research
Proprietary & Confidential
96.8%
70%
90%
Combined ratio (Reporting Currency)
110%
7
Loss Reserve Development ロス・リザーブ調整
RenaissanceRe
Allied World
Platinum
Gen Re
Montpelier Re
National Indemnity
PartnerRe
Axis Capital
Validus
Alterra
Dorinco
Endurance Specialty
XL Group
Arch Capital
ACE
ABA
Flagstone Re
Hannover Re
White Mountains
Argo Group
American Agricultural
Everest Re
Fairfax
Swiss Re
Transatlantic Holdings
Aspen
Starr Indemnity
Munich Re
SCOR
Maiden
Greenlight Re
-10%
4.5%
0%
10%
20%
30%
Prior Year Reserve Adj as % of NPE (Reporting Currency)
過年度ロス・リザーブ調整額（保険料に対する比率）
Aon Benfield Research
Proprietary & Confidential
8
40%
Investment Return 投資利回り
Fairfax
Allied World
RenaissanceRe
PartnerRe
National Indemnity
Gen Re
Montpelier Re
Munich Re
Validus
Platinum
ABA
Arch Capital
Axis Capital
Everest Re
Dorinco
ACE
Swiss Re
Aspen
Flagstone Re
Argo Group
Transatlantic Holdings
Maiden
White Mountains
Greenlight Re
Hannover Re
Alterra
Endurance Specialty
SCOR
Starr Indemnity
XL Group
American Agricultural
0%
4.9%
2%
4%
6%
8%
Annualized Investment Return (Reporting Currency)
Aon Benfield Research
Proprietary & Confidential
9
10%
Shareholders’ Funds Development – 9M 2010 vs 9M 2009 株主資本推移
2010年1~9月
260
19.1
USD bn
240
220
-4.4
11.2
-6.5
-1.5
-1.9
251.0
Other
9M 2010
SHF
1.7
202.4
Other
9M 2009
SHF
その他
9月末
株主資本
25.2
209.8
200
180
FY 2009
SHF
210
Additional Net income Dividends
capital
FX
2009年1~9月
Investment
Share
gains
buybacks
20.2
-0.6
190
USD bn
13.6
170
164.0
-3.7
3.2
4.0
150
FY 2008
SHF
前年末
株主資本
Aon Benfield Research
Proprietary & Confidential
Additional Net income Dividends
capital
純利益
配当
追加資本
FX
為替
Investment
Share
gains
buybacks
投資利益
自社株買戻し
10
Shareholders’ Funds, % change 株主資本増加率
Alterra
National Indemnity
Swiss Re
Hannover Re
ABA
Fairfax
ACE
XL Group
Maiden
SCOR
Arch Capital
Munich Re
Transatlantic Holdings
Axis Capital
Greenlight Re
Endurance Specialty
Platinum
Aspen
Allied World
Argo Group
RenaissanceRe
Gen Re
Everest Re
American Agricultural
Starr Indemnity
Flagstone Re
White Mountains
PartnerRe
Dorinco
Montpelier Re
Validus
-10%
20%
10%
30%
50%
70%
% Change in Shareholders' Funds (Reporting Currency)
Aon Benfield Research
Proprietary & Confidential
11
90%
Invested Assets 運用資産内訳
ABA Invested Assets
31 December 2009 USD844bn
ABA Invested Assets
30 September 2010 USD900bn
15%
20%
7%
6%
12%
11%
66%
Fixed income securities
債券
Aon Benfield Research
Proprietary & Confidential
63%
Equities
Cash
Other
株式
現金
その他
12
Contact List
Jonathan Eggins
Aon Benfield Research
+44.207.522.3898
[email protected]
Aon Benfield Research
+44.207.522.3823
[email protected]
Aon Benfield Research
Proprietary & Confidential
13