BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The Swiss Re Group (SSREY.PK) posted a net loss of $285 million for the first nine months of 2022, compared with net income of $1.3 billion, prior year. The Group said the decline was mainly driven by significantly lower investment results, large natural catastrophe claims of $2.7 billion as well as first-quarter reserves of $283 million related to the war in Ukraine.
Swiss Re's CEO Christian Mumenthaler said: 'The first nine months of this year were marked by a confluence of events affecting Swiss Re's financial performance: from turbulence in the financial markets, to an increase in natural catastrophe claims, surging inflation and the war in Ukraine. While P&C Re has been significantly affected by these headwinds, all other businesses are performing well and are on track to reach their 2022 financial targets.'
Net premiums earned and fee income rose 1.3% to $32.4 billion in the first nine months of 2022. The Group noted that its growth was negatively affected by adverse foreign exchange developments, while at stable foreign exchange rates, the increase was 5.2%.
Swiss Re said it remains confident in the mid-term outlook and committed to its goal of boosting US GAAP Group ROE to 14% in 2024.
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