Swiss Re Posts FY Profit - Quick Facts

Swiss Re Ltd. (SSREY.PK) reported that its net income attributable to common shareholders for fiscal year 2021 was $1.44 billion or $4.78 per share compared to a loss of $878 million or $3.04 per share in the prior year.

The result was achieved as the Group absorbed large natural catastrophe losses of $2.4 billion across its businesses as well as total COVID-19-related claims of $2.0 billion. The vast majority of the COVID-19 losses originated in the L&H Re business, while impacts on the property and casualty businesses were minimal. Excluding the impacts of COVID-19, Swiss Re's net income was $3.0 billion, which is an increase of 39%.

Net premiums written were $43.22 billion up from $39.83 billion in the previous year.

Annual total revenues grew to $46.74 billion from $43.34 billion last year.

The company noted that its board will propose a stable dividend of CHF 5.90 per share at the Annual General Meeting on 13 April 2022.

Swiss Re targets to increase its US GAAP Group ROE to 10% in 2022 and to 14% in 2024. In addition, Swiss Re maintains its economic net worth per share growth target of 10% per annum.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
MTD Products Inc. is recalling 1,774 units of walk-behind self-propelled lawn mowers for potential risk of fire hazard, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said the lawn mower can leak fuel when it is stored in the upright (vertical) storage position to pose a fire hazard. Nike Inc. announced its plans to exit the Russian market completely following Russia's ongoing war against Ukraine, reports said. The sportswear major, with more than 100 stores in the country, had suspended operations there in March. Earlier in March, while suspending operations temporarily, the company had said its customers that it couldn't guarantee product shipments. The U.S. Food and Drug Administration unveiled its action plan to advance drug development for rare neurodegenerative diseases, including Amyotrophic Lateral Sclerosis or ALS, in five years. The FDA plans specific actions such as regulatory science initiatives, enhancements to existing programs and new policy initiatives for the purpose. It will use public-private partnerships...
Follow RTT