Zurich:
Swiss Re, the second largest global reinsurer, reported a net income of USD 421 million in 2018,compared to USD 331 million in 2017.despite high natural catastrophes and man-made losses.
The group's gross premiums written during 2018 increased by 4.7% to USD 36.4 billion,primarily driven by premium growth across the Group’s life and health businesses.
The combined ratio of the company was 104.0%, reflecting the impact from several natural catastrophes and man-made losses.
Swiss Re Group Chief Executive Officer, Christian Mumenthaler, said: “There was no respite from large nat cat events and man-made disasters in 2018. Our financial strength enabled us to support our clients in these tough times. It was the second challenging year in a row for the industry and us. Our P&C businesses were heavily impacted by the events. Corporate Solutions’ results were disappointing. But even in challenging conditions, I am optimistic about Swiss Re’s future. In the January renewals of our P&C Re business, we were able to grow while keeping our running costs flat. We expect further price improvements in the renewals later this year, especially in the loss-affected markets.''
Estimated combined claims of USD 2.0 billion from 2018’s large natural catastrophes and USD 0.3 billion from 2018 s large man-made losses led to a P&C Re net income of USD 370 million.
Amid a continued challenging market, Swiss Re maintained its disciplined underwriting approach in its P/C business.. As a result, gross premiums written in P/C segment remained at USD 16.5 billion for the year.
January 2019 renewals premium volume up 19 per cent ; price quality increased by 1%
Life and health, gross premiums written for 2018 increased by 9.1% to USD 14.5 billion, reflecting growth across all markets and driven by large transactions in Asia, a positive impact of intra-group retrocession agreements and favourable currency fluctuations.Life & Health Reinsurance solid net income of USD 761 million.
Corporate Solutions net loss of USD 405 million; estimated large claims burden of USD 0.7 billion
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2018 was the fourth-costliest year for the insurance industry according to the Swiss Re Institute