German reinsurer Cologne Re has said that its 1999 result was 'unsatisfactory' despite reporting a ne...German reinsurer Cologne Re has said that its 1999 result was 'unsatisfactory' despite reporting a net profit of EUR 20.5m for 1999 compared to a loss of EUR 31.2m in 1998.
Premium income increased 19.1% to EUR 4bn, with a 15% rise in life premiums to EUR 1bn and a 5.3% increase in property and casualty premiums to EUR 2bn.
The group, which now operates under the name GeneralCologne Re with its US partner, said: "While the 1999 results are consistent with the market situation, they are nevertheless unsatisfactory when measured against the Cologne Re's equity base and profit expectations."
Cologne Re's underwriting result was a loss of EUR 382m but it reported a year-on-year improvement in its combined ratio of four points to 111.2%.
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