Q4 2020 Swiss Re AG Earnings Pre-Recorded Presentation Transcript
First, we saw unprecedented losses from COVID-19 driven by business interruption, event cancellation and mortality claims. The burden on our pretax earnings from these losses was $3.9 billion.
Second, we saw elevated nat cat losses especially from the Atlantic hurricane season, secondary perils across the globe and significant manmade losses, including the Beirut port explosion. These claims totaled $2.1 billion.
Third and in spite of the large losses, the underlying performance of our P&C businesses was strong. In P&C Re, the 97% normalized combined ratio was in line with guidance, and the ex COVID ROE was 13.2%. In Corporate Solutions, the normalized combined ratio was 97%, was well ahead of our 105% estimate, a clear demonstration that the
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