BCG：2023年保险价值创造者报告-再保险公司能否保持发展势头？（中译版）（12页）.pdf

1、SEPTEMBER 2023The 2023 InsuranceValue Creators ReportCan Reinsurers MaintainTheir Momentum?Value creation in reinsurance:Key takeawaysSource:BCG analysis.Reinsurers have outperformed primary insurers and most other sectors in TSR over the past ten yearsCash flow is king:Dividends and share buybacks

2、account for more than 50%of reinsurers value generation,as companies underperform on growth of tangible book valueThe current hard cycle is likely to strengthen performance and boost reserves with high returns on tangible equityBut warning signs loom:While pricing for catastrophe and for life and he

3、alth is strong,other lines lag The market may not be hard enough to absorb volatile and accelerating climate-change impactsReinsurers have outperformed primary insurers and most other sectors in TSR over the past ten yearsSources:S&P Capital IQ;Refinitiv;BCG Value Creators database 2023;BCG ValueSci

4、ence Center.Note:Market cap weighted average TSR per respective industry sample,based on start date market caps;n=2,468.Russian companies were omitted from the sample due to suspended trading and collapse of share prices.Turkish companies were intentionally left out due to the countrys hyperinflatio

5、nary environment.ONE-YEAR TSR(2022)504030201001020304050TEN-YEAR AVERAGE ANNUAL TSR(20132022)2.55.07.510.012.515.017.5Mid-cap pharmaBuilding materialsFinancial infrastructure providersOil and gasInsuranceBanksConsumer nondurablesForest products and packagingPower and gas utilitiesConstructionAerospa

6、ce and defenseCommercial service providersMetalsMultibusinessMedia and publishingTransportation and logisticsAsset management and brokerageMachineryConsumer durablesReal estateChemicalsAuto OEMsTravel and tourismFashion and luxuryAuto partsRetailReinsuranceElectronic componentsMedical technologyHeal