Swiss Re P&C re unit full-year profit falls 85.1% to $312mn on $1bn inflation reserving
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Swiss Re P&C re unit full-year profit falls 85.1% to $312mn on $1bn inflation reserving

Rachel Dalton
17 February 2023
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Swiss Re’s P&C re unit’s full-year profit has plummeted by 85.1% to $312mn, as the carrier reported an additional $1bn in reserves over the year for higher-than-expected inflation, as well as heavy cat losses.

At group level, Swiss Re booked net profit of $472mn for the year, down 67.2%.

The carrier said the decline was mainly due to the impact of inflation on actual and expected P&C claims, mark-to-market impacts on equity investments and...

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Rachel Dalton
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