Swiss Re AG SREN, -5.93% swung to a revenue in 2021 because of the efficiency of its property and casualty companies, maintained a secure dividend, and unveiled new monetary targets.
The Swiss reinsurer Friday posted a web revenue of $1.44 billion, in contrast with a web lack of $878 million in 2020. Excluding the impact of reserves for Covid-19-related claims, revenue climbed to $3.02 billion from $2.18 billion.
“Regardless of nonetheless main Covid-19 impacts and a excessive prevalence of huge pure disaster occasions all year long, we rebounded to a $1.4 billion revenue,” Chief Government Officer Christian Mumenthaler mentioned.
Web premiums earned and payment revenue elevated to $42.73 billion from $40.77 billion, the corporate mentioned.
Swiss Re’s return on fairness got here in at 5.7%, and at 11.6% excluding Covid-19 results. Its return on investments fell to three.2% from 3.5%, it mentioned.
The corporate mentioned its board of administrators would suggest a secure dividend of 5.90 Swiss francs ($6.38) a share on the annual common assembly on April 13.
Swiss Re additionally set out new monetary targets, and it expects to extend its return on fairness to 10% in 2022 and to 14% in 2024.
For 2022, it mentioned it expects the efficiency of its property and casualty companies to proceed to enhance, concentrating on a normalized mixed ratio of lower than 94%.
Write to Mauro Orru at [email protected]; @MauroOrru94
Source: MarketWatch.com