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Swiss Re reveals important web loss in full-year outcomes

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The group’s property and casualty reinsurance arm posted a net loss of $ 247 million last year, without COVID that would have been a net profit of $ 1.3 billion and a combined ratio of 109% compared to 107.8% in 2019. The reinsurer announced that price increases of 6.5% on renewals in January 2021 and a focus on portfolio quality shows an improved normalized combined ratio from 2021 of less than 95%.

Swiss Re’s life and health reinsurance business posted net income of $ 71 million in 2020. The company said the Corporate Solutions turnaround was above plan with a net loss of $ 350 million, an improvement from a net loss of $ 647 million in 2019. The Life Capital business posted a net loss of $ 265 million and the successful completion of the ReAssure sale earned the group a dividend of $ 1.5 billion.

On the basis of these results, the Board of Directors will propose a dividend of CHF 5.90 per share at its Annual General Meeting on April 16, 2021. Swiss Re has also decided to replace the Group’s target SST rate of 220% with a target range of 200–250%.

Swiss Re Group CEO Christian Mumenthaler highlighted the global impact of the COVID crisis and said the group had played its shock absorber role with confidence and strength. He noted that at the beginning of the pandemic, the reinsurer took a prudent approach to build reserves as the claims were slow to come in and that while the business expects further COVID losses in 2021, the relevant exposure to P&C lines did significantly reduced.

“I am very encouraged to see broad improvements in portfolio quality and underwriting margins at P&C Re and Corporate Solutions, including the January renewals,” he said.

Based on the latest information, Swiss Re expects additional COVID-19 claims and reserves in its P&C business of less than $ 0.5 billion in 2021, but noted that the actual claims trend with such great uncertainty either could be influenced positively or negatively.

John Dacey, CFO of Swiss Re Group, said: “Our capital position remained very strong in 2020 despite the unprecedented impact of COVID-19 and an unusually high frequency of natural disasters. Swiss Re’s business continued to be uninterrupted and delivered strong underlying performance. Together with a positive outlook, we can propose a stable dividend payment to our shareholders even in these difficult times. “

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