The Aon Benfield
Aggregate
Nine months ended September 30, 2010
Global (Re)insurer Capital
（再）保険者の資本推移
-17%
18%
17%
0
50
100
150
200
250
300
350
400
450
500
2007
2008
2009
9M 2010
US
Db
n
P&C Gross Premiums Written, % change
グロス計上保険料（損保）増収率
-0.1% -30% -20% -10% 0% 10% 20% 30% 40% 50% Argo Group Platinum Swiss Re Arch Capital National Indemnity RenaissanceRe American Agricultural White Mountains Dorinco Gen Re Transatlantic Holdings XL Group ABA Aspen Allied World ACE Munich Re Endurance Specialty Everest Re Axis Capital Alterra Fairfax Hannover Re SCOR Flagstone Re Montpelier Re Maiden Validus PartnerRe Greenlight Re Starr Indemnity% Change in P&C Gross Premiums Written (Reporting Currency)
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%
ABA Pre-Tax Profit ABA
税引前利益
17.6
23.0
-20
-10
0
10
20
30
40
9M 2009
9M 2010
P
re
-t
a
x
pr
of
it U
S
D
b
n
Other
Capital gains/losses
Life underwriting result
Non-life underwriting result
Investment income
Pre-tax profit
その他 投資収益 生保引受利益 キャピタル・ゲイン（ロス） 損保引受利益 税引前利益
Pre-Tax Profits, % change
税引前利益増加率
31% -100% -50% 0% 50% 100% 150% 200% White Mountains Greenlight Re Flagstone Re Validus Montpelier Re Everest Re Aspen PartnerRe Endurance Specialty Transatlantic Holdings Fairfax Platinum RenaissanceRe Munich Re Hannover Re Arch Capital Argo Group Dorinco Maiden Alterra Allied World ABA ACE SCOR Gen Re Starr Indemnity American Agricultural Axis Capital XL Group Swiss Re National Indemnity% Change in 9M 2010/09 Pre-tax Profit (Reporting Currency)
1150% 816% 513%
ABA Combined Ratio ABA
コンバインド・レシオ
-3.4%
30.2%
96.8%
29.3%
71.1%
-4.5%
65.2%
91.1%
-10%
10%
30%
50%
70%
90%
110%
9M 2009 COR
Expense ratio
Loss ratio
Prior year reserve adj
9M 2010 COR
2009年9月末
コンバインド・レシオ 事業費率
損害率 過年度リザーブ調整額 2010年9月末 コンバインド・レシオ
Combined Ratios
コンバインド・レシオ
96.8% 50% 70% 90% 110% RenaissanceRe Platinum Montpelier Re Dorinco Allied World Alterra National Indemnity Axis Capital Endurance Specialty ACE Gen Re Validus Arch Capital PartnerRe Swiss Re XL Group Maiden ABA Aspen SCOR Hannover Re Transatlantic Holdings Flagstone Re Munich Re Greenlight Re White Mountains Argo Group Everest Re American Agricultural Fairfax Starr IndemnityLoss Reserve Development
ロス・リザーブ調整
4.5% -10% 0% 10% 20% 30% 40% Greenlight Re Maiden SCOR Munich Re Starr Indemnity Aspen Transatlantic Holdings Swiss Re Fairfax Everest Re American Agricultural Argo Group White Mountains Hannover Re Flagstone Re ABA ACE Arch Capital XL Group Endurance Specialty Dorinco Alterra Validus Axis Capital PartnerRe National Indemnity Montpelier Re Gen Re Platinum Allied World RenaissanceRePrior Year Reserve Adj as % of NPE (Reporting Currency)
Investment Return
投資利回り
4.9% 0% 2% 4% 6% 8% 10% American Agricultural XL Group Starr Indemnity SCOR Endurance Specialty Alterra Hannover Re Greenlight Re White Mountains Maiden Transatlantic Holdings Argo Group Flagstone Re Aspen Swiss Re ACE Dorinco Everest Re Axis Capital Arch Capital ABA Platinum Validus Munich Re Montpelier Re Gen Re National Indemnity PartnerRe RenaissanceRe Allied World FairfaxShareholders’ Funds Development – 9M 2010 vs 9M 2009
株主資本推移
164.0
4.0
13.6
-3.7
3.2
20.2
-0.6
1.7
202.4
150
170
190
210
FY 2008
SHF
Additional
capital
Net income Dividends
FX
Investment
gains
Share
buybacks
Other
9M 2009
SHF
US
D b
n
209.8
25.2
19.1
-4.4
-1.5
11.2
-6.5
-1.9
251.0
180
200
220
240
260
FY 2009
SHF
Additional
capital
Net income Dividends
FX
Investment
gains
Share
buybacks
Other
9M 2010
SHF
US
D b
n
前年末 株主資本 追加資本 純利益 配当 為替 投資利益 自社株買戻し その他 9月末 株主資本 2010年1~9月 2009年1~9月Shareholders’ Funds, % change
株主資本増加率
20% -10% 10% 30% 50% 70% 90% Validus Montpelier Re Dorinco PartnerRe White Mountains Flagstone Re Starr Indemnity American Agricultural Everest Re Gen Re RenaissanceRe Argo Group Allied World Aspen Platinum Endurance Specialty Greenlight Re Axis Capital Transatlantic Holdings Munich Re Arch Capital SCOR Maiden XL Group ACE Fairfax ABA Hannover Re Swiss Re National Indemnity AlterraInvested Assets
運用資産内訳
66%
12%
7%
15%
ABA Invested Assets
31 December 2009 USD844bn
Fixed income securities
Equities
Cash
Other
63%
11%
6%
20%
ABA Invested Assets
30 September 2010 USD900bn
Contact List
Jonathan Eggins
Aon Benfield Research
+44.207.522.3898
jonathan.eggins@aonbenfield.com
Aon Benfield Research
+44.207.522.3823
