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Swiss Re reports strong underlying performance in 2020, despite large losses related to COVID-19, and reaffirms a positive outlook

19 February 2021 Swiss Re

• Swiss Re Group net loss of USD 878 million for 2020
• Excluding COVID-19 claims and reserves (pre-tax) of USD 3.9 billion, Group net income rose to USD 2.2 billion from USD 727 million in 2019, return on equity (ROE) of 7.3%
• Property and Casualty Reinsurance (P&C Re) net loss of USD 247 million; excluding COVID-19 impact, net income of USD 1.3 billion and ROE of 13.2%
• Nominal price increases of 6.5% achieved in January 2021 P&C Re renewals; focus on portfolio quality allows for an improved 2021 normalised combined ratio estimate of less than 95%
• Life and Health Reinsurance (L&H Re) net income of USD 71 million; excluding COVID-19 losses, net income of USD 855 million and ROE of 10.4%
• Corporate Solutions turnaround ahead of plan; excluding COVID-19 losses, net income increased to USD 393 million, with an ROE of 16.5%
• Life Capital successfully closed ReAssure sale, delivering a dividend of USD 1.5 billion to the Group; continued dynamic growth at iptiQ
• Strong return on investments (ROI) of 3.5%
• Swiss Re maintains a very strong capital position, with a Group Swiss Solvency Test (SST) ratio as of 1 January 2021 within the new target range of 200–250%
• Board of Directors to propose a stable dividend of CHF 5.90 per share

Swiss Re reported a Group net loss of USD 878 million for 2020. Excluding USD 3.9 billion of COVID-19-related claims and reserves (pre-tax) for the year, Swiss Re’s net income was USD 2.2 billion, a material increase from USD 727 million in 2019. Based on the Group’s very strong capital position and positive market outlook, the Board of Directors will propose a dividend of CHF 5.90 per share at the Annual General Meeting on 16 April 2021.

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