Swiss Re swung to a smaller than expected full-year profit in 2021, the reinsurance company said today, marking a partial rebound from the coronavirus pandemic despite big claims from natural disasters.
Profit was dragged down by Covid-19 losses at its life and health reinsurance division due to an increase in deaths in the US.
The 2021 net profit of $1.437 billion compares with a net loss of $878m a year earlier.
Analysts had expected a profit of $1.854 billion, according to a consensus report published by Swiss Re.
Insurers have been bouncing back from 2020, which was hit even harder by expenses around the pandemic.
Marked by devastating hurricanes and cold snaps in the US, 2021 was one of the costliest ever for the world's insurers.
"2021 marked an important turning point for Swiss Re," chief executive Christian Mumenthaler said in a statement.
The company is proposing a dividend of 5.90 Swiss francs ($6.39) per share.
