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Swiss Re reports full-year 2019 net income of USD 727 million, driven by a strong L&H Re result and excellent investment performance

20 February 2020 Swiss Re

• Group net income increased 73% to USD 727 million from USD 421 million in 2018
• Property & Casualty Reinsurance (P&C Re) net income rose 7% to USD 396 million, with net premiums earned up 20%; return on equity (ROE) of 4.4%
• January 2020 P&C Re renewals premium volume up 2% as growth in property business was offset by a reduction in casualty; nominal price increase of 5%
• Life & Health Reinsurance (L&H Re) net income rose 18% to USD 899 million; ROE of 12.4% above target range
• Corporate Solutions net loss of USD 647 million reflects decisive management actions to address underperformance as well as increased claims in US casualty business
• Life Capital result impacted by the previously announced charge related to the agreement to sell ReAssure; net loss of USD 177 million; gross cash generation of USD 1.1 billion
• Excellent return on investments (ROI) of 4.7%; running yield at 2.8%
• Board of Directors to propose a dividend increase of 5% to CHF 5.90 per share and share buyback of up to CHF 1 billion
• Jonathan Isherwood appointed CEO Reinsurance Americas, Regional President and member of the Group Executive Committee, succeeding Eric Smith, who has decided to retire

Swiss Re reported today a 73% increase in Group net income to USD 727 million for 2019. The Group’s property and casualty businesses were impacted by USD 2.7 billion in large losses from natural catastrophes and man-made events, as well as by increased claims in US casualty. Life and health businesses continued to perform strongly, with L&H Re delivering an ROE above its target range. Group net premiums earned and fee income rose 12% to USD 38.6 billion, primarily driven by premium growth in P&C Re. The Group’s ROE improved to 2.5% from 1.4%. Based on the Group’s very strong capital position and supported by confidence in Swiss Re’s long-term capital generation, the Board of Directors will propose to the Annual General Meeting (AGM) an increased dividend of CHF 5.90 per share and authorisation for a public share buyback of up to CHF 1 billion.

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