Swiss Re: optimistic at investors' day
(CercleFinance.com) - Swiss reinsurer Swiss Re said on Friday that it continues to navigate the Covid-19 crisis with a "proactive" reserve approach and a "very strong" balance sheet.
At today's investors' day, the company confirmed its financial targets and delivered a positive outlook, citing improving market conditions and targeted growth opportunities across its businesses.
"We are optimistic on the outlook for all of our businesses as we see positive momentum in the underlying earnings power of the group," said Chief Executive Officer Christian Mumenthaler.
"We expect that Covid-19 will remain an earnings and not a capital event for the group, with declining exposures going forward," he added.
Swiss Re's P&C reinsurance unit - one of the company's key earnings contributors - is expected to improve its normalised combined ratio to less than or equal to 96% in 2021, the group said.
The shares were up 0.6% on the Zurich Stock Exchange on Friday morning.
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