Performance
The 100% line
Underwriting against investments
Return on equity: margin or leverage
Is a high return on equity earned with a wide margin or with thin capital?
Business mix
Risk mix
All indicators
Click a heading to sort. ≈ marks an estimate, "gross" a combined ratio before reinsurance.
KeyWhat the columns meanWhat each figure measures, and which way is better
- Insurer
- Each insurer with at least one of these figures; the name opens its page.
- Market
- The market the insurer's figures are for.
- Premium €m
- The year's premium before reinsurance, in millions of euros.
- Operating ratio
- For non-life insurers: claims and costs less the investment result, over earned premium; below 100%, insurance and investments together make money before tax.
- From underwriting
- How much of the profit from insurance and investments comes from insurance itself; "loss" where the two together lose money.
- Net margin
- Net profit after tax as a share of premium: what is left of each euro of premium.
- Premium ÷ equity
- Premium for each euro of equity; higher means less capital behind the business, so a bad year hits equity harder.
- ROE
- Return on equity: net profit after tax over the average shareholders' equity of the year, which equals net margin × premium ÷ equity.
- Lines
- How many lines of business the insurer really writes: 1 is a single line, 4 as spread as four lines of equal size.
- Motor
- Compulsory motor liability and casco together, as a share of premium.
- Diversification
- How much less capital the insurer needs because its risks do not all strike at once, as a share of those risks; Solvency II insurers only.
- Market risk
- The share of its capital requirement for the risk on its investments (bonds, shares, property and currencies), before diversification; Solvency II insurers only.
How each one is calculated: Performance indicators, on the method page.
Limits of the data
- Investment results are on file for FY 2024 and 2025, and from FY 2021 for the Western Balkans, Moldova and the largest insurers of the Solvency II markets, as each source gives them: the SFCR (section A.3) in the Solvency II markets, the income statement elsewhere. The dividends PZU and SIGAL (Albania) receive from their own life companies are taken off; other parents' dividends from their subsidiaries may still be in.
- Baltic insurers with branches in the other Baltic states publish profit, equity and investment result for the whole company only; here each is taken in proportion to the premium the company writes in the market shown, so margin, premium ÷ equity and the investment result match that premium (return on equity is the company's). Their branches in the other Baltic states get their part of the investment result the same way.
- Operating ratio and the profit split cover non-life insurers (life under a fifth of premium); in the all-markets view the charts show insurers with €10m or more.
- The SCR by risk module is for Solvency II insurers only: all of them for FY 2025, each market's largest insurers for FY 2022–2024. Definitions on the method page.