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21st February 2021
Swiss Re reports net loss of $878m indicating significant COVID-19 impact
Trend
Swiss Re has reported 2020 financials-highlights are: -
-Group net loss of $878m
-Excluding COVID-19 claims and reserves(pre-tax) of $3.9bn, Group net income rose to $2.2bn from $727m in 2019, return on equity (ROE) of 7.3%
-Property and Casualty Reinsurance(P&C Re) net loss of $247m; excluding COVID-19 impact, net income of $1.3bn and ROE of 13.2%
-Nominal price increases of 6.5% achieved in January 2021 P&C Re renewals; focus on portfolio quality allows for an improved 2021 normalised combined ratio estimate of less than 95
-Life and Health Reinsurance(L&H Re) net income of $71m; excluding COVID-19 losses, net income of $855m and ROE of 10.4%
-Corporate Solutions turnaround ahead of plan; excluding COVID-19 losses, net income increased to $393m, with an ROE of 16.5%
-Life Capital successfully closed the ReAssure sale, delivering a dividend of $1.5bn to the Group; continued dynamic growth at iptiQ
-Strong return on investments (ROI) of 3.5%
-maintains a very strong capital position, with a Group Swiss Solvency Test(SST) ratio as of 1st January 2021 within the new target range of 200–250%
-Board of Directors to propose a stable dividend of CHF 5.90 per share
Swiss Re Trends(763 articles)
