2022 FULL-YEAR Annual Report – Financial Report
Financial
Report
2022
Financial highlights
Financial highlights
For the years ended 31 December
|
USD millions, unless otherwise stated |
2021 |
2022 |
Change in % |
|
Group |
|||
|
Net income/loss attributable to common shareholders |
1 437 |
472 |
-67 |
|
Gross premiums written |
46 658 |
47 889 |
3 |
|
Premiums earned and fee income |
42 726 |
43 118 |
1 |
|
Earnings per share in CHF |
4.52 |
1.63 |
- |
|
Shareholders' equity |
23 568 |
12 699 |
-46 |
|
Retuon equity in %1 |
5.7 |
2.6 |
|
|
Retuon investments in % |
3.2 |
2.0 |
|
|
Net operating margin in %2 |
5.1 |
2.7 |
|
|
Number of employees3 |
13 985 |
14 408 |
3 |
|
Property & Casualty Reinsurance4 |
|||
|
Net income/loss attributable to common shareholders |
2 216 |
312 |
-86 |
|
Gross premiums written |
23 246 |
23 848 |
3 |
|
Premiums earned |
21 926 |
22 028 |
0 |
|
Combined ratio in % |
97.1 |
102.4 |
|
|
Net operating margin in %2 |
12.2 |
3.2 |
|
|
Retuon equity in %1 |
21.4 |
3.8 |
|
|
Life & Health Reinsurance4 |
|||
|
Net income/loss attributable to common shareholders |
-478 |
416 |
- |
|
Gross premiums written |
16 119 |
15 986 |
-1 |
|
Premiums earned and fee income |
14 995 |
14 984 |
-0 |
|
Net operating margin in %2 |
-1.8 |
4.3 |
|
|
Retuon equity in %1 |
-5.6 |
8.4 |
|
|
Corporate Solutions |
|||
|
Net income/loss attributable to common shareholders |
578 |
486 |
-16 |
|
Gross premiums written |
7 492 |
8 198 |
9 |
|
Premiums earned |
5 343 |
5 482 |
3 |
|
Combined ratio in % |
90.6 |
93.1 |
|
|
Net operating margin in %2 |
13.5 |
11.0 |
|
|
Retuon equity in %1 |
22.3 |
20.0 |
- Retuon equity is calculated by dividing net income/loss attributable to common shareholders by average common shareholders' equity.
- Net operating margin is calculated as "Income before interest and income tax expense" divided by "Total revenues" excluding "Net investment result - unit-linked and
with-profit business".
- Regular staff.
- Comparative information for 2021 has been revised to reflect the reallocation of part of Principal Investments, Admin Re US as well as certain cross-segmental loans from Group items to Reinsurance.
|
2 |
|
Contents
Financial Report
This publication provides a more detailed account of
|
The global economy and |
|
|
financial markets |
6 |
|
Summary of financial statements |
14 |
|
Group results |
16 |
|
Reinsurance |
20 |
|
Property & Casualty Reinsurance |
22 |
|
Life & Health Reinsurance |
24 |
|
Corporate Solutions |
26 |
|
Group Investments |
28 |
|
Share performance |
30 |
|
Economic Value Management |
32 |
|
EVM performance |
34 |
|
EVM financial information |
38 |
|
EVM sensitivities |
46 |
|
Risk and capital management |
48 |
|
Overview |
50 |
|
Financial strength and |
|
|
capital management |
52 |
|
Liquidity management |
58 |
|
Risk management |
59 |
|
Risk assessment |
65 |
|
Corporate governance |
76 |
|
Overview |
78 |
|
Group structure and shareholders |
84 |
|
Capital structure |
86 |
|
Board of Directors |
88 |
|
Executive Management |
102 |
|
Shareholders' participation rights |
110 |
|
Changes of control |
|
|
and defence measures |
111 |
|
External auditors |
112 |
|
Information policy |
114 |
|
Compensation |
116 |
|
Report from the |
|
|
Compensation Committee |
118 |
|
Financial performance highlights |
120 |
|
Executive compensation snapshot |
121 |
Say on pay and sustainability highlights 122
|
Compensation philosophy |
|
|
and governance |
123 |
|
Board compensation |
126 |
|
Group EC compensation |
129 |
|
Group compensation framework, |
|
|
2022 outcomes and 2023 changes |
136 |
|
Additional compensation disclosures |
143 |
|
Report of the statutory auditor |
145 |
|
Climate-related |
|
|
financial disclosures (TCFD) |
148 |
|
Summary |
150 |
|
Climate governance |
152 |
|
Climate strategy |
153 |
|
Climate risk management |
167 |
|
Climate metrics and targets |
171 |
|
Report on independent assurance |
184 |
|
Financial statements |
188 |
|
Group financial statements |
190 |
|
Notes to the Group |
|
|
financial statements |
198 |
|
Report of the statutory auditor |
292 |
|
Group financial years 2013-2022 |
298 |
|
|
300 |
|
General information |
316 |
|
Glossary |
318 |
|
Cautionary note on |
|
|
forward-looking statements |
324 |
|
Note on risk factors |
326 |
|
Contacts |
336 |
|
Corporate calendar |
337 |
|
|
3 |
Financial Year
|
The global economy and |
|
|
financial markets |
6 |
|
Summary of financial statements |
14 |
|
Group results |
16 |
|
Reinsurance |
20 |
|
Property & Casualty Reinsurance |
22 |
|
Life & Health Reinsurance |
24 |
|
Corporate Solutions |
26 |
|
Group Investments |
28 |
|
Share performance |
30 |
|
4 |
|
Financial Year
|
|
5 |
Attachments
Disclaimer
2022 FULL-YEAR Annual Report – Shareholders' letter
2022 FULL-YEAR Annual Report – TCFD
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