(AOF) – Swiss Re announced a net loss of 285 million dollars for the first nine months of 2022 against a profit of 1.3 billion dollars a year earlier. Analysts had expected a loss of $130 million, according to a consensus compiled by the company. The war in Ukraine, inflation and market volatility also weighed on the results of the Swiss reinsurer.
Swiss Re had already reported last week that Hurricane Ian would cost it $1.3 billion.
“The first nine months of this year have been marked by a confluence of events,” said managing director Christian Mumenthaler.
“While P&C Re has been significantly impacted by these headwinds, all other businesses are performing well and are on track to meet their 2022 financial targets,” he added.
Its damage insurance division suffered a loss of 283 million over nine months, against a profit of 1.5 billion a year earlier, detailed the Swiss group due to a drop in investment results and higher compensation, at 2.5 billion dollars, in the face of hurricane Ian, floods in Australia and South Africa as well as hailstorms in France.
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A strong development momentum for French life insurance
The growth of life insurance continues over the months. Over the first four months of the year, contributions reached 53.7 billion euros, a level not seen for more than ten years. At 10.5 billion euros, net inflows also returned to their highest level since 2011 over a similar period. In the end, at the end of April 2022, outstanding life insurance contracts reached 1.847 billion euros, up 1.1% over one year. These good performances are partly linked to the growing success of the PER (Retirement Savings Plan). Since the start of 2022, PERs marketed by an insurer have posted 592,000 additional policyholders and 9.3 billion euros in payments. At the end of April 2022, 3.2 million policyholders held a PER, which represented an outstanding amount of 39 billion euros. Without taking transfers into account, 87% of new holders of a PER (at the end of December 2021) had taken it out with an insurer.