ZKB Swiss Equity Conference
Thierry Léger, Group Chief Underwriting Officer
We run three distinct businesses supported by "one" Group foundation
Reinsurance is at the core of our business as a leading>global reinsurer
Corporate Solutions is a specialised risk partner to > corporate clients
iptiQ is our globally leading digital B2B2C insurance > platform, focusing on personal lines
Acting as "One
|
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2 |
Multiple crises lead to challenges and opportunities
Inflation
Food crisis
Energy crisis
Supply chain disruption
Geopolitical crisis
Climate
change
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|
3 |
Third quarter performance heavily impacted by elevated P&C Reinsurance loss activity, while L&H Reinsurance and Corporate Solutions delivered strong results
|
Net income |
1 258 |
||||||||||||
|
(USD m) |
|||||||||||||
|
212 |
|||||||||||||
|
-285 |
-442 |
||||||||||||
|
9M 21 |
9M 22 |
Q3 21 |
Q3 22 |
|
Premium |
+1.3% |
+0.1% |
|
|
growth1 |
|||
|
(+5.0%3) |
(+5.1%3) |
||
|
Retuon |
1.6% |
2.4% |
|
|
investments2 |
|||
|
9M 2022 |
Q3 2022 |
||||
|
key figures |
key figures |
||||
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P&C |
Combined ratio |
106.1% |
119.5% |
||
|
Reinsurance |
Normalised4 |
96.2% |
96.9% |
||
|
combined ratio |
|||||
|
L&H |
Net income (USD) |
221m |
219m |
||
|
Reinsurance |
|||||
|
Corporate |
Combined ratio |
93.1% |
92.9% |
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|
Solutions |
|||||
|
|
Retuon equity2 |
- 2.1% |
- 13.2% |
||
|
Group |
|||||
- Net premiums earned and fee income
- Annualised
|
3 |
At constant fx rates |
|
4 |
|
4 |
|||
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Assuming an average large nat cat loss burden and excluding prior-year reserve development |
Corporate Solutions well on track to achieve its 2022 combined ratio target, while P&C Re's result impacted by elevated nat cat losses and higher small- to mid-sized claims
P&C Reinsurance
|
130% |
Reported |
Normalised1 |
|||
|
125% |
|||||
|
120% |
|||||
|
ratio |
115% |
||||
|
110% |
106.1% |
||||
|
Combined |
|||||
|
105% |
|||||
|
100% |
|||||
|
95% |
96.2% |
||||
|
90% |
|||||
|
85% |
9M 19 |
9M 20 |
9M 21 |
9M 22 |
|
|
9M 18 |
Corporate Solutions
|
130% |
Reported |
||||
|
125% |
|||||
|
120% |
|||||
|
ratio |
115% |
||||
|
110% |
|||||
|
Combined |
|||||
|
105% |
|||||
|
100% |
|||||
|
93.1% |
|||||
|
95% |
|||||
|
90% |
|||||
|
85% |
9M 19 |
9M 20 |
9M 21 |
9M 22 |
|
|
9M 18 |
- 9M 2022 reported combined ratio impacted by large nat cat losses (7.4%pts above expectations), mainly driven by Hurricane Ian
- 9M 2022 reported and normalised1 combined ratios additionally affected in Q3 2022 by higher small- to mid-sized claims, mostly driven by economic inflation
- Unlikely to reach <94% normalised1 combined ratio target for 2022
- 9M 2022 reported combined ratio slightly higher compared to 9M 2021, primarily driven by less favourable prior-year development
- elipsLife sale completed with effect from
1 July 2022 . Excluding elipsLife 9M 2022 pro forma2 combined ratio of 91.6% - Well on track to achieve <95% reported combined ratio target for 2022
1 Assuming an average large nat cat loss burden and excluding (i) prior-year reserve development and (ii) COVID-19 impacts
|
2 |
Excl. all |
|
5 |
which remains with
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