2022 FULL-YEAR Investor and Analyst Presentation
Annual Results 2022
Focus areas of Annual Results 2022
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FY 2022 |
Capital 
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P&C Re |
2023 financial |
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results |
actions |
renewals |
targets |
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This investor and analyst presentation contains preliminary unaudited financial information for 2022. The audited financial statements for 2022 will be included in |
Annual Results 2022 |
2 |
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our 2022 Annual Report, together with updates on our business and other disclosures |
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2022 result impacted by significant headwinds
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Economic inflation1 |
Equities mark-to-market |
COVID-193 |
Large nat cat losses |
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impact2 |
above expectations4 |
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2022 reported Group net income
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1 |
Pre-tax impact of economic inflation on underwriting results across P&C Reinsurance ( |
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and current-year inflation reserves established in the financial year 2022. Does not include implicit impacts of economic inflation on actual reported claims |
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2 |
Pre-taxmark-to-market impact as part of net realised investment losses, across equity securities (net of hedges), private equity, and Principal Investments |
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3 |
Pre-taxCOVID-19 losses in L&H Reinsurance, predominantly in Q1 2022 |
Annual Results 2022 |
3 |
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4 |
Pre-taxhigher-than-expected large nat cat losses in P&C Reinsurance, net of favourable prior-year development |
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Solid Q4 performance across the Group
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FY 2022 |
Q4 2022 |
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key figures |
key figures |
Net income
(USD m)
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1 437 |
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|
472 |
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FY 21 |
FY 22 |
|
757 |
|
|
179 |
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Q4 21 |
Q4 22 |
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P&C |
Combined ratio |
102.4% |
91.0% |
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Reinsurance Normalised3 |
96.9% |
98.9% |
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combined ratio |
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L&H |
Net income (USD) |
416m |
195m |
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Reinsurance |
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Premium growth1
Retuon investments
+0.9%-0.2%
(+5.1%2) (+5.4%2)
2.0%3.3%
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Corporate |
Combined ratio |
93.1% |
93.1% |
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Solutions |
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Retuon equity |
2.6% |
24.6% |
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Group |
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1 |
Net premiums earned and fee income |
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2 |
At constant fx rates |
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3 |
Assuming an average large nat cat loss burden and excluding prior-year reserve development. FY and Q4 2022 include current-year inflation reserves of 1.0%pts and 1.8%pts, |
Annual Results 2022 |
4 |
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respectively, as well as impact from the |
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2022 P&C Reinsurance underwriting result impacted by economic inflation and elevated nat cat losses
P&C Reinsurance - combined ratio
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Reported |
Normalised1 |
|
110% |
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|
108% |
P&C Reinsurance - nat cat combined ratio
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Current accident year |
Including prior-year development |
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|
106% |
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104% |
102.4% |
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102% |
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|
100% |
|
108% |
88% |
70% |
77% |
84% |
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2018 |
2019 |
2020 |
2021 |
20222 |
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77% |
71% |
10-year average
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98% |
96.9% |
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96% |
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94% |
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92% |
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90% |
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2018 |
2019 |
2020 |
2021 |
2022 |
Underwriting performance in 2022
- Reported combined ratio impacted by higher-than-expected economic inflation (USD 1.0bn3, 4.5%pts), elevated large nat cat losses (
USD 0.5bn , 2.4%pts4) and reserves related to theUkraine war (USD 0.2bn , 0.8%pts) - Normalised combined ratio in 2022 above target of <94%, mostly due to the impact of economic inflation
- Assuming an average large nat cat loss burden and excluding (i) prior-year reserve development and (ii) COVID-19 impact in 2020 and 2021; FY 2022 includes impact from the
Ukraine war of 0.8%pts - Including prior-year development US GAAP nat cat combined ratio is 78%
- Includes prior-year inflation reserves (
USD 0.8bn ) and current-year inflation reserves (USD 0.2bn ) established in the financial year 2022, in the form of incurred but not reported
(IBNR) reserves. Does not include implicit impacts of economic inflation on actual reported claimsAnnual Results 2022 5
4 Higher-than-expected large nat cat losses, net of favourable prior-year development
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Attachments
Disclaimer
2022 FULL-YEAR Press release
Swiss Re reports a net income of USD 472 million for 2022, targets more than USD 3 billion for 2023
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