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1、Reinsurance Market ReportResults for full-year 2024April 2025Key Findings 3At a Glance 6Capital 6Underlying ROE for the SUBSET 7Combined ratio for the SUBSET 8Expenses for the SUBSET 9Investment yield for the SUBSET 9Capital 10Total reinsurance dedicated capital 10INDEX capital 12Return of capital 1

2、4Return on Equity 18Underwriting Performance 22Premium volumes 22Combined ratios 24Prior-year loss development 28Natural catastrophe losses 31Expense ratios 34Investment performance 35Appendix 1 37IFRS 17 impact 37Appendix 2 38Methodology 38Appendix 3 392024 FY results detail for INDEX 39Connect Wit

3、h Us 41Table of ContentsKey FindingsWelcome to the Gallagher Re full-year 2024 Reinsurance Market Report,which tracks the capital and profitability of the global reinsurance industry.Global reinsurers reported strong 2024 results with a continued capital build driven by strong retained earnings.The

4、reinsurance industrys reported and underlying1 ROE remained well above the cost of capital,supported by further improvement in the underlying combined ratio and increased recurring investment income.The industry is well positioned to deliver strong results in 2025,and further meaningful capital grow

5、th.Global reinsurance dedicated capital totaled USD769 billion at full-year 2024,a rise of 5.4%versus the restated full-year 2023 base.2 Growth was driven by both the INDEX3 companies and non-life alternative capital.Focusing on the INDEX companies,which contribute more than 80%of the industrys capi

6、tal:INDEX capital was up by 5.3%to USD629B due to strong net income of USD117B,partly offset by capital return of USD58B and unrealized investment depreciation of USD23B,which was almost entirely attributable to National Indemnity.The global reinsurance industrys capital position remains strong on a