Swiss Re reveals significant net loss in full-year results

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Swiss Re exposes substantial bottom line in full-year outcomes

The team’s home and also casualty reinsurance arm saw a bottom line of $247 million in 2015, leaving out COVID this would certainly have been an earnings of $1.3 billion, and also a mixed proportion of 109%, up from 107.8% in 2019. The reinsurer exposed that cost rises of 6.5% accomplished in January 2021 revivals and also a concentrate on profile high quality are revealing an enhanced 2021 stabilized consolidated proportion of much less than 95%.

Swiss Re’s life and also health and wellness reinsurance arm published an earnings of $71 million for 2020 and also the firm mentioned its Business Solutions turn-around led strategy with a bottom line of $350 million, an enhancement on 2019’s bottom line of $647 million. Its Life Funding company revealed a bottom line of $265 million and also the effective closure of its ReAssure sale supplied a returns of $1.5 billion for the team.

Based upon these outcomes, the board of supervisors will certainly suggest a returns of CHF 5.90 per share at its AGM on April 16, 2021. Swiss Re has actually additionally determined to change its 220% Team SST target proportion with a target variety of 200– 250%.

Swiss Re’s team Chief Executive Officer Christian Mumenthaler highlighted the worldwide influence of the COVID situation and also stated the team has actually played its function as a shock absorber with self-confidence and also toughness. He kept in mind that the reinsurer took a sensible strategy at the beginning of the pandemic to develop books as cases have actually been sluggish ahead in which, while more COVID losses are anticipated in 2021, business has actually dramatically lowered pertinent direct exposures in P&C lines.

“I am very encouraged by broad-based improvements in portfolio quality and underwriting margins in P&C Re and Corporate Solutions, including in the January renewals,” he stated.

Swiss Re mentioned it anticipates added COVID-19-related cases and also books in its P&C services of much less than $0.5 billion in 2021, based upon present details, yet kept in mind that with a lot unpredictability, real cases growths can be affected either favorably or adversely.

Swiss Re’s team CFO John Dacey stated: “Our capital position remained very strong throughout 2020, despite the unprecedented impact from COVID-19 and an unusually high frequency of natural catastrophes. Swiss Re’s businesses continued to run without disruptions, delivering a strong underlying performance. Together with a positive outlook, this allows us to propose a stable dividend payment to our shareholders even in these challenging times.”

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