Swiss Re: 285 million USD net loss as at 30 September 2022

As at 30 September 2022, Swiss Re has recorded a net loss of 285 million USD against a net profit of 1.258 billion USD during the same period of 2021. This drop is mainly due to the accounting of a 442 million USD net loss in Q3 2022.

After posting a net result of 1.5 billion USD in the first nine months of 2021, the P&C Re class of business reported a net loss of 283 million USD by the end of September 2022. During the first nine months of 2022, the non-life combined ratio declined by 8.6 points to stand at 106.1%.

The group's P&C activity was impacted by natural catastrophe losses which cost the P&C Re class of business 2.5 billion USD. The most outstanding natural catastrophes were hurricane Ian in Florida, floods in Australia and South Africa and hailstorms in France.

During the period under review, the life and health entity (L&H Re) has generated a net profit of 221 million USD as opposed to a 32 million USD deficit a year earlier.

The net result of the direct insurance subsidiary Corporate Solutions has gone from 425 million USD as at 30 September 2021 to 356 million USD a year later, decreasing by 16.2%.

As at 30 September 2022, Swiss Re posted a total of 32.366 billion USD in net earned premiums, representing a 1.3% increase over one year.