Swiss Re: net profit up 73% in 2019

Swiss Re reported a net profit of 727 million USD for its overall business in 2019, that is an increase of 37%. This result, which is below the expectations, was strongly driven by life and health reinsurance. The latter ended the year with a net profit of 899 million USD.

P&C reinsurance recorded a net profit of 396 million USD, rising by 7%. However, it has been affected by heavy losses related to natural disasters (2.3 billion USD ), the increasing third party liability claims in the United States and the crash of the Ethopian Airlines Boeing 737. Hence a combined ratio of 107.8% against 104% one year earlier.

It is the insurance entity Corporate Solutions which drove Swiss Re's profits down, recording a loss of 647 million USD and a combined ratio of 127.9%. Swiss Re has started the year 2020 with an improved quality of portfolio thanks to the January renewals.

Read also | Swiss Re: results 2018