Swiss Re Group

The negative outlook reflects that Swiss Re's underwriting performance, and consequently earnings, may not be in line with our expectations. This may influence our view of the group's competitive position, which we currently see as excellent. We could lower the rating by one notch over the 12 months if: Underwriting performance of the P/C business does not align with our projections over 2021-2022; or The group's capital drops below the 'AA' confidence level for a prolonged period. We could lower the ratings on the subsidiaries of the CorSo business unit if we note signs of reduced commitment from the parent to the business unit, indicating it is less than core to the group's strategy. We could revise the outlook to

...Swiss Re will remain one of the dominant players in the global reinsurance sector. S&P Global Ratings expects Swiss Re will maintain its position among the top global reinsurers, benefitting from diversified business operations with about 51% of net premium from P/C reinsurance, 34% from life and health reinsurance, and 10% from corporate solutions (CorSo; primary non-life business). As of 2020, in terms of geography, the group is present in many significant markets, and generates about 48% of its net premiums earned (NPE) and fee income in the Americas; 32% in Europe, the Middle East, and Africa; and 20% in Asia-Pacific. We continue to expect a recovery of group earnings over 2021-2023. Swiss Re's results for the first nine months of 2021 were strong, despite large natural catastrophes losses. The group reported a combined (loss and expense) ratio of 97.5% for P/C reinsurance and 91.1% for CorSo, leading to net income of $1.3 billion for the nine-month period ending Sept. 2021. However,...

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