Swiss Re reported a net profit of $472 million at year-end 2022, with strong fourth-quarter earnings more than offsetting losses recorded in the first nine months of the year. The group's P&C reinsurance underwriting performance has continued to improve in line with S&P Global Ratings' expectations, thanks to management's corrective underwriting actions in recent years and a far more favorable pricing environment. While Swiss Re posted a strong operating performance in fourth-quarter 2022, we believe it still needs to demonstrate a more sustained period of operating performance more in line with that of similarly rated peers. We expect the group's operating performance to improve further in 2023-2024 and risk-based capital to remain at the 'AA' level. We affirmed our 'AA-'
