Swiss Re returns to profit in 2021

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By Favour Nnabugwu

 

 

 Swiss Re has returned to making profits as at 31 December 2021. The 1.437 billion USD net result has been achieved despite the Covid-19 and natural catastrophes loss experience after a net loss of 878 million USD in 2020

At the end of 2021, these two types of events have respectively cost the group 2.005 billion USD and 2.4 billion USD.

The P&C class of business has posted a net profit of 2.1 billion USD against a net deficit of 247 million USD in 2020. Natural catastrophes claims totaled 2.1 billion USD. The non-life combined ratio has gained 11.9 points to reach 97.1%.

The life and health (L&H) entity has shown a 523 million USD deficit. In addition to this loss, the Covid-19 claims amounted to 1.956 billion USD.

The direct insurance subsidiary, Corporate Solutions, is closing the year 2021 with a net profit of 578 million USD against a negative net result of 467 million USD in 2020.

A 5.9 CHF (6.3 USD) per share dividend will be proposed to the annual general meeting scheduled for 13 April 2022.

The Swiss reinsurer has reported a 4.7% turnover increase in 2021. Written premiums have gone from 40.77 billion USD at the end of 2020 to 42.726 billion USD a year later.

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