Commenting on the outcomes, group CEO Christian Mumenthaler highlighted that 2022 was a “difficult yr”, marked by the battle in Ukraine, surging inflation, the tail finish of the COVID-19 pandemic and elevated pure disaster losses.
“We’ve centered on addressing these challenges proactively,” he mentioned, “all whereas sustaining our very robust capital place. This has enabled us to reap the benefits of enticing market circumstances on the January renewals, whereas persevering with our dedication to the unusual dividend.”
Among the many different key financials introduced by the group, Swiss Re revealed that Property & Casualty Reinsurance (P&C Re) web revenue reached $312 million, that includes a mixed ratio of 102.4% for 2022. This was supported by a robust This autumn 2022 web 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 outcome 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. Internet premiums earned for the enterprise elevated barely to $22.0 billion, supported by continued value enhancements over the yr.
The group’s Life & Well being Reinsurance (L&H Re) enterprise web revenue reported an revenue of $416 million for 2022, in contrast with a web lack of $478 million in 2021. Of observe, COVID-19-related claims decreased to $588 million in 2022 from virtually $2 billion in 2021.
Swiss Re Company Options monetary outcomes
Swiss Re’s Company Options enterprise, in the meantime, reported a mixed ratio of 93.1% and a web revenue of $486 million, down from $578 million in 2021. Swiss Re hailed the outcome as ‘resilient’ and mentioned it mirrored a strong underlying enterprise efficiency and robust new enterprise development in chosen portfolios regardless of being impacted by the battle in Ukraine and considerably much less beneficial prior-year developments.
In the meantime, iptiQ – Swiss Re’s digital B2B2C insurance coverage firm – has continued its development trajectory, growing 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 yr to $851 million.
Monetary 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 Basic Assembly on April 12, 2023.
For 2023, the group is concentrating on web revenue of over $3 billion, supported by profitable P&C Re renewals, an anticipated decline in COVID-19 claims, greater rates of interest and price self-discipline.
Commenting on the outlook for the yr forward, Mumenthaler mentioned: “2023 has began effectively, with profitable January renewals reflecting our ambition to drive profitability and create worth for shareholders, whereas persevering with to assist purchasers. Our funding portfolio is well-positioned to learn from rising rates of interest, and we don’t count on a return of excessive COVID-19 claims that we had seen over the previous years. Regardless of the unsure macroeconomic surroundings, we’re assured within the group’s capacity to ship on the brand new, bold targets.”
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