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Swiss Re Ltd., the world’s second-largest reinsurer, on Friday reported a 2022 profit of $472 million, down from $1.4 billion in 2021.
The drop was driven by the effect of economic inflation on claims, a drop in the value of investments and higher-than-expected catastrophe losses, a Swiss Re statement said.
The company reported net premium earned of $43.12 billion in 2022, a less than 1% increase compared with 2021. Broken down by line of business, property/casualty reinsurance net premium earned increased slightly to $22.03 billion, life/health reinsurance edged down to $14.98 billion and corporate solutions, its commercial insurance business, rose 2.6% to $5.48 billion.
Swiss Re’s combined ratio deteriorated to 102.4% from 91% a year earlier.
During Jan. 1, 2023, renewals, the company’s property/casualty reinsurance premium volume increased by 13% and prices increased 18%, Swiss Re said.
“For 2023, the group targets a net income of more than $3 billion, supported by successful P&C (reinsurance) renewals, an expected decline in COVID-19 claims, higher interest rates and cost discipline,” the statement said.