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Swiss Re Corporate Solutions delivered a profit in the first quarter, despite booking $129 million of reserves for the Ukraine war, but couldn’t prevent parent group Swiss Re Ltd. falling to a $248 million loss.
Swiss Re Corporate Solutions, which includes its commercial insurance business, reported net income of $81 million in the first quarter, down 15.6% compared with the same period last year.
The results were hit by Ukraine war reserves, which were equal to 9.3 percentage points on the unit’s combined ratio, and “significantly” lower investment results.
The business also absorbed large natural catastrophe losses of $75 million, mainly from flooding in Australia and the European winter storms in February.
The unit’s first-quarter combined ratio was 95.2%, slightly improved from 96% at the same time last year and on course for the full-year target of 95%.
Swiss Re said the unit “continues to focus on disciplined underwriting and strict expense management”.
Swiss Re Corporate Solutions’ net premiums earned grew 14% in the quarter to $1.39 billion.
Parent Swiss Re fell to a $248m loss compared with a $333 million profit a year earlier.
The group suffered “higher-than-expected” large natural catastrophe claims of $524 million in the period across its property/casualty business and COVID-19 claims of $515 million, almost entirely on the life side.
Swiss Re booked $283m in reserves related to the war in Ukraine during the first quarter.
Net premiums earned and fee income rose by 4% to $10.62 billion.
Commercial Risk Europe is a sister publication of Business Insurance. More stories from CRE here.