Swiss Re reported a net loss of $248 million in the first quarter (Q1) of 2022. In common with its peers, the group has been affected by adverse COVID-19-related mortality, natural catastrophe losses, and exposure to the Russia-Ukraine conflict, as well as mark-to-market losses in its investment portfolio. Considering our earnings expectations, coupled with management actions, we expect Swiss Re to maintain its 'AA' level capital adequacy over 2022-2023. We affirmed the 'AA-' ratings on Swiss Re's core subsidiaries. The negative outlook reflects that Swiss Re may fail to reach our 9% normalized return on equity (ROE) expectation, and potential underperformance relative to our expectations could in turn place pressure on the group's capitalization. On May 9, 2022, S&P Global
