Swiss Re Ltd., the world’s second–The largest reinsurer on Friday reported a 2022 profit of $472 million, down from $1.4 billion in 2021.
The decline was driven by the impact of financial inflation on receivables, a fall in the value of investments and higher than expected catastrophe losses, Swiss Re said in a statement.
The company reported net premium income of $43.12 billion in 2022, up less than 1% from 2021. Broken down by industry, property/casualty reinsurance net premium increased slightly to $22.03 billion, life and health reinsurance decreased to 14.98 USD billion and enterprise solutions, its commercial insurance business, rose 2.6% to USD 5.48 billion.
Swiss Re̵
7;s total expense ratio deteriorated to 102.4% from 91% a year earlier.During the Jan. 1, 2023, renewals, the company’s property/casualty reinsurance premium volume was up 13% and rates were up 18%, Swiss Re said.
“For 2023, the group targets net income of more than $3 billion, supported by successful non-life insurance renewals (reinsurance), an expected reduction in covid-19 claims, higher interest rates and cost discipline,” the statement said.
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