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Swiss Re’s net income of falls 66% to $472 million

Posted On: Apr. 17, 2023 10:22 AM CST

Swiss Reinsurance Company Ltd.’s net income decreased 66% year-on-year to $472 million in 2022 due to the impact of inflation on claims in the property & casualty sector and $2.7 billon in natural catastrophe losses that surpassed expectations, Reinsurance News reported. The reinsurer’s group solvency test ratio increased by 71 percentage points year-on-year to 294% in 2023, driven by higher interest rates and lower risk due to additional investment hedges and lower asset valuations.