Swiss Re Announces 2018 Results, New COO
Swiss Re in February 2019 reported it had realized an overall full-year net income of USD 421 million in 2018.
The result includes estimated large claims of USD 3.0 billion, net of retrocession and before tax, which significantly affected both Property & Casualty Reinsurance (P&C Re) and Corporate Solutions’ segment earnings. In addition, an estimated pre-tax USD 599 million impact due to a change in US GAAP accounting guidance effective as of 1 January 2018 affected net income.
The Life & Health Reinsurance (L&H Re) segment delivered a net income of USD 761 million in 2018. These results were mainly driven by large transactions in Canada and New Zealand and solid performance in Asia and EMEA, partly offset by unfavorable experience in the US.
Investment results were solid but lower than in the prior year, reflecting lower realized gains and mark-to-market losses on equity securities. The ROE was 11.1%. The fixed income running yield for the year slightly increased to 3.4%.
Gross premiums written for 2018 increased by 9.1% to USD 14.5 billion, reflecting growth across all markets and driven by large transactions in Asia, a positive impact of intra-group retrocession agreements and favorable currency fluctuations.
In other news, Anette Bronder has been appointed Group Chief Operating Officer (COO) and member of the Group Executive Committee, effective 1 July 2019. She succeeds Thomas Wellauer who will be retiring at the end of June.
Bronder has more than 20 years of experience in operations, consulting and delivery services. She joins Swiss Re from tech firm T-Systems International, where she was a Member of the Management Board, responsible for building up and managing the growth areas ’Internet of Things’ (IoT), ’Public Cloud’ and ’Cybersecurity ’. Prior to that, she held various global senior management roles at Vodafone and Hewlett Packard, covering design and delivery of digital services.