View this article online: https://www.insurancejournal.com/news/international/2005/06/15/56124.htm
Swiss Re’s annual “Investors’ Day,” scheduled for today, June 15 at the reinsurer’s New York office, will provide more insights on its risk management approach and what the company described as its “very strong capital adequacy.”
The world’s second biggest reinsurer also said it will “provide an update on its property & casualty business which shows that the business continues to provide good returns.” The emphasis will be on its “disciplined approach to risk taking,” based on “an integrated risk model which consistently applies economic principles.”
Swiss Re’s bulletin noted that its capital adequacy “strengthened in the second half of 2004 to 329 percent compared with 278 percent for the first half 2004, demonstrating that even after a one in 100 year adverse event, the Group’s financial strength would remain very strong.”
As far as the Group’s P/C business is concerned, the combined ratio for 2004 was 98.4 percent. However, Swiss Re pointed out that its 2004 “economic combined ratio for its property and casualty business improved to 90.4 percent compared with 91.4 percent for 2003.” The bulletin stressed that “this result, which takes account of such economic factors as the average duration of the business and claims payment patterns, demonstrates the strong profitability of the recent underwriting years.”
The outlook for 2005 seems equally promising. Swiss Re said that with regards to 2005 year-to-date property and casualty renewals, it “has successfully maintained the price adequacy of its portfolio and has confirmed its published target combined ratio for the year in the region of 96 percent.” The company also expects “to achieve its 9 percent target for return on operating revenues for its Life & Health business. Overall Swiss Re expects good operating performance from all of its business groups in 2005.
Swiss Re’s Investors’ day takes place today, June 15, in New York from 8.15 to 12.45 Eastern time, 14.15 to 18.45 CEDT. The event can be followed by telephone or on the Internet. Further details are available at www.swissre.com.