Commenting on the outcomes, group CEO Christian Mumenthaler highlighted that 2022 was a “challenging year”, marked by the conflict in Ukraine, surging inflation, the tail finish of the COVID-19 pandemic and elevated pure disaster losses.
“We have focused on addressing these challenges proactively,” he mentioned, “all while maintaining our very strong capital position. This has enabled us to take advantage of attractive market conditions at the January renewals, while continuing our commitment to the ordinary dividend.”
Among the opposite key financials introduced by the group, Swiss Re revealed that Property & Casualty Reinsurance (P&C Re) internet revenue reached $312 million, that includes a mixed ratio of 102.4% for 2022. This was supported by a robust This fall 2022 internet revenue of $595 million and a mixed ratio of 91.0% for the quarter.
P&C Re monetary outcomes
Swiss Re famous that the P&C Re full-year end result was negatively impacted by higher-than-expected financial inflation, for which Swiss Re arrange reserves of $1.0 billion, whereas massive pure disaster claims have been above expectations at $2.7 billion. Net premiums earned for the enterprise elevated barely to $22.0 billion, supported by continued worth enhancements over the 12 months.
The group’s Life & Health Reinsurance (L&H Re) enterprise internet revenue reported an revenue of $416 million for 2022, in contrast with a internet lack of $478 million in 2021. Of notice, COVID-19-related claims decreased to $588 million in 2022 from virtually $2 billion in 2021.
Swiss Re Corporate Solutions monetary outcomes
Swiss Re’s Corporate Solutions enterprise, in the meantime, reported a mixed ratio of 93.1% and a internet revenue of $486 million, down from $578 million in 2021. Swiss Re hailed the end result as ‘resilient’ and mentioned it mirrored a strong underlying enterprise efficiency and powerful new enterprise progress in chosen portfolios regardless of being impacted by the conflict in Ukraine and considerably much less beneficial prior-year developments.
Meanwhile, iptiQ – Swiss Re’s digital B2B2C insurance coverage firm – has continued its progress trajectory, rising its in-force insurance policies to greater than 2.1 million from 1.6 million within the prior-year interval. GWP for the enterprise arm elevated 17.7% from the prior 12 months to $851 million.
Financial targets and outlook
Off the again of those outcomes, Swiss Re’s board of administrators are set to suggest a dividend of $6.40 per share on the Annual General Meeting on April 12, 2023.
For 2023, the group is concentrating on internet revenue of over $3 billion, supported by profitable P&C Re renewals, an anticipated decline in COVID-19 claims, larger rates of interest and value self-discipline.
Commenting on the outlook for the 12 months forward, Mumenthaler mentioned: “2023 has started well, with successful January renewals reflecting our ambition to drive profitability and create value for shareholders, while continuing to support clients. Our investment portfolio is well-positioned to benefit from rising interest rates, and we do not expect a return of high COVID-19 claims that we had seen over the past years. Despite the uncertain macroeconomic environment, we are confident in the group’s ability to deliver on the new, ambitious targets.”
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