Swiss Re says its Property and Casualty (P&C) Reinsurance business improved markedly last year despite huge natural catastrophe losses of $US2.1 billion ($2.92 billion).

P&C Reinsurance achieved $US2.1 billion in net income, following a $US247 million ($344 million) loss in 2020, the reinsurer said in an earnings update last week.

The reinsurer also announced in the update that Paul Murray has been appointed CEO Reinsurance Asia, Regional President and member of the Group Executive Committee, effective April 1. Mr Murray is currently Head Life & Health Products in Reinsurance, a position he has held since December 2018.

He will succeed Russell Higginbotham, who will become the CEO of Reinsurance Solutions. Both will continue to report to CEO Reinsurance Moses Ojeisekhoba.

Swiss Re says the P&C Re result last year reflects the improved quality of its portfolio and rate increases, as well as favourable investment results.

P&C Re net premiums earned grew 5.3% to $US21.9 billion ($30.5 billion), supported by continued price improvements, disciplined underwriting as well as favourable foreign exchange developments.

The $US2.1 billion in natural catastrophe losses relate mainly to Hurricane Ida and the floods in Europe in the third quarter, as well as US winter storm Uri in the first quarter.

Swiss Re made an overall net income of $US1.43 billion ($1.99 billion) last year, compared with a $US878 million ($1.22 billion) loss in 2020.

If covid impacts are excluded, net income reported was $US3.02 billion ($4.2 billion) versus $US2.18 billion ($3.03 billion).

Total covid-related claims amounted to $US2 billion last year, with the vast majority linked to its life and health business.

“2021 marked an important turning point for Swiss Re,” Group CEO Christian Mumenthaler said.

“Despite still major covid-19 impacts and a high occurrence of large natural catastrophe events throughout the year, we rebounded to a… profit.

“We have worked hard to strengthen business performance, with a rigorous focus on portfolio quality and underwriting excellence.”

For this year, 2022, Swiss Re expects the performance of its property and casualty business to continue to improve and is targeting a normalised combined ratio of less than 94%.