...First, we are very pleased with the strong performance of our P&C businesses, both on a reported and a normalized basis. Despite significant natural catastrophe events impacting the industry, P&C Re achieved a 97.1% reported combined ratio in 2021, a large improvement from the 109% in 2020. P&C Re's 94.7% normalized combined ratio was in line with the full year target of less than 95%. Corporate Solutions achieved a very strong reported combined ratio of 90.6%, supported by reserve releases, which more than offset the impact from natural catastrophes. Corporate Solutions' normalized combined ratio of 95% surpassed our target of less than 97% in 2021, thereby completing the important turnaround of this business. Second, COVID-19-related claims amounted to $2 billion, with the vast majority of these pandemic losses impacting the Life & Health Re business. Third, the robust return on investments of 3.2% in 2021 was driven by recurring income and strong equity valuations. And finally, we have...
