Profitability ratio rose in 2023 after 2022 slump while cost of capital has risen by 1 point since 2018

Return on equity (ROE) and median cost of capital* (%)

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ROE and cost of capital for 2018-2022 refers to the global reinsurance market. For 2023, they are reported separately for US & Bermuda and Europe
*US and Bermuda represents a composite of seven large reinsurers (GAAP)
** Europe represents a composite of large reinsurers who filed under IFRS 2017 at year-end 2023
† Cost of capital as measured by the Market Derived Capital Pricing Model (MCPM), which is based on a smaller sample size and has limited years due to availability of data