Solid underwriting profitability was, however, offset by an adverse change in unrealised investment gain/loss position on fixed maturities and capital market activity, resulting in shareholders' equity growth of only 0.6 per cent for non-life reinsurers in 2013. In addition, this group experienced only marginal growth in reinsurance premiums written as underwriting opportunities were limited.
Several individual reinsurance product lines, primarily longer-tail casualty and liability lines, continued to experience unfavourable reserve development during 2013. However, earnings continue to be supported by surpluses from prior-year reserves. Reserve releases were equivalent to 6.1 per cent of earned premiums in 2013, against 6.5 per cent at the end of 2012.