Swiss Re reveals 2021 nine-month outcomes

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segment

Net Income / (Loss) – 9mos 2021

Net Income / (Loss) – 9mos 2020

Non-life reinsurance (P&C Re)

$ 1.5 billion

$ (201 million)

Life and health reinsurance (L&H Re)

$ (62 million)

$ 72 million

Corporate solutions

$ 425 million

$ (357 million)

Scope of consolidation

$ 1.3 billion

$ (691 million)

“Thanks to the group’s continued focus on portfolio quality and disciplined underwriting, our property and casualty insurances achieved excellent results in the first nine months of 2021,” said CEO Christian Mumenthaler.

“At the same time, we were able to support communities affected by natural disasters and the COVID-19 pandemic.”

According to Swiss Re, the high net losses for the first nine months under P&C Re were $ 1.7 billion. The number, while higher than expected, was still below the rewards earned for this industry. P&C Re net earned premiums increased 6% to $ 16.4 billion.

L&H Re recorded significantly higher losses related to COVID-19 at $ 1.2 billion in the reporting period. Without the losses from COVID-19, the segment would have posted net income of $ 899 million.

In corporate solutions, Swiss Re attributed the business unit’s recovery to strategic measures in place. The combined ratio for enterprise solutions was 91.1% from 116% previously, thanks to disciplined underwriting, strict cost management, ongoing rate increases and very limited pandemic impact.

“We continue to benefit from our strategic underwriting measures and see opportunities in all business areas to use capital at attractive returns,” said Mumenthaler. “This gives us confidence for the rest of the year and into 2022 as all of our businesses are well positioned to continue their strong performance.”

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