Swiss Re Ltd.

CorSo continued its strong performance with a combined ratio of 91%; The group's P&C Re segment recorded a combined ratio of 94.7%, significantly stronger than the same period in the prior year where the combined ratio was 98.5%; L&H Re recorded net income of $393 million, a significant improvement on the same period in 2022 where it recorded a breakeven result; and The group recorded an underwriting loss in 2022 due largely to high inflation ($1.1 billion added to reserves), further COVID-19 losses ($0.6 billion) in its life and health book, and an above-average amount of natural catastrophes ($0.5 billion). The stable outlook reflects our view that Swiss Re will continue to improve its profitability metrics over the next 24

...Swiss Re Ltd. will remain one of the dominant players in the global reinsurance sector. S&P Global Ratings expects Swiss Re (the group) to maintain its position among the top global reinsurers, benefiting from diversified business operations. In 2022, 51% of net premiums earned (NPE) came from P/C reinsurance (P&C Re), 35% from life and health reinsurance (L&H Re), and 13% from Corporate Solutions (CorSo; primarily P/C business). In terms of geography, the group will remain a significant global player present in all significant markets. It currently generates about 51% of its NPE and fee income in the Americas; 31% in Europe, the Middle East, and Africa; and 18% in Asia-Pacific. We expect Swiss Re Ltd. to return to underwriting profitability in 2023 following a challenging 2022. For the full-year 2023, we forecast a net combined ratio below 95% for the group's combined non-life business, and net income in its life and health reinsurance book of close to $0.9 billion. This should allow the...

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