(Reuters) – Reinsurance company Swiss Re said it was committed to a stable or rising dividend as it confirmed its financial targets on Friday despite the coronavirus pandemic that has put pressure on the industry.
The reinsurer turned into a loss in the first nine months of 2020 when competitors faced major claims from the pandemic as well as losses from hurricanes and fires in the United States.
CEO Christian Mumenthaler, in a statement ahead of a investor presentation, said the pandemic will "Remain a result and not a capital event … with declining exposures going forward."
Among the targets it confirmed, Swiss Re said it continued to seek a return on equity of seven percentage points over the ten-year return. US bonds.
Swiss Re said it expected its adjusted total share in its real estate / claims division, an important measure of profitability for its largest revenue generator, to be 96% or less in 2021
The company said the reversal of its loss-making corporate insurance arm was "well on its way."
More insurance and risk management news about the coronavirus crisis here.