...- The Swiss Re group has recorded a loss in its non-life reinsurance book in its third-quarter results, driven by losses from Hurricane Ian, prior year reserve strengthening, and an increase in small and midsize catastrophe claims. - We expect that the group will record an overall underwriting loss in 2022 for non-life with a combined ratio of 101%. Over the recent past, Swiss Re's underwriting performance (excluding its primary non-life business) has at times not matched some of its peers in the global reinsurance sector, in our view. We recognize the strong underwriting results of the Corporate Solutions segment, and the improvement in Life & Health results. - However, we expect the group will improve its underwriting performance in its non-life reinsurance book over the next 12 months and beyond thanks to recent management actions and expected reinsurance rate improvements (we expect a 96% combined ratio for its non-life business for 2023). - In common with the wider sector, the group's...
