The company said gross written premiums rose 19.2% to $16.6 billion in 2023, compared with $14.0 billion in 2022. Reinsurance premiums grew 23.9% to $2.2 billion, and insurance premiums grew 10.0% to $473 million.

1. 01

   The company said gross written premiums rose 19.2% to $16.6 billion in 2023, compared with $14.0 billion in 2022. Reinsurance premiums grew 23.9% to $2.2 billion, and insurance premiums grew 10.0% to $473 million.

2. 02

   The company said net income was $2.5 billion in 2023, compared with $597 million in 2022. Its combined ratio fell 5.1 points, from 96.0% to 90.9%. The company cited a decrease of $585 million in catastrophe losses as the main reason the loss ratio fell 6.0 points.

3. 03

   The company recorded an income tax benefit of $363 million for 2023. It said it recognized net deferred income tax benefits of $578 million related to the Bermuda Corporate Income Tax Act of 2023. Beginning in 2025, a 15% corporate income tax applies.

4. 04

   Net investment income rose 72.7% to $1.4 billion in 2023 from $830 million in 2022. The company attributed the increase to an additional $523 million of income from fixed maturity and short-term investments and a $47 million increase in limited partnership income.

Key figures

Fiscal year ended December 31, 2023

Revenue

$14.6B

Net income

$2.5B

EPS

$60.19

Operating cash flow

$4.6B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.