Financial highlights

For the years ended 31 December

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USD millions, unless otherwise stated

2018

2019

Change in %

¹	Return on equity is calculated by dividing net income/loss attributable to common shareholders by average common shareholders’ equity.
²	Net operating margin is calculated as ”Income before interest and income tax expense” divided by ”Total revenues” excluding ”Net investment result – unit-linked and with-profit business”.
³	Regular staff.
⁴	Gross cash generation is the estimated net cash arising from business activity within the Life Capital Business Unit during the reporting period taking into account both surplus development and certain capital actions. It is calculated gross across both Swiss Re’s and MS&AD’s interest in ReAssure.

Group

Net income attributable to common shareholders

421

727

73

Gross premiums written

36 406

42 228

16

Premiums earned and fee income

34 461

38 594

12

Earnings per share in CHF

1.34

2.46

84

Shareholders’ equity

27 930

29 251

5

Return on equity in %¹

1.4

2.5

Return on investments in %

2.8

4.7

Net operating margin in %²

2.9

3.4

Number of employees³

14 943

15 401

3

Property & Casualty Reinsurance

Net income attributable to common shareholders

370

396

7

Gross premiums written

16 545

21 562

30

Premiums earned

16 095

19 275

20

Combined ratio in %

104.0

107.8

Net operating margin in %²

4.3

3.8

Return on equity in %¹

3.7

4.4

Life & Health Reinsurance

Net income attributable to common shareholders

761

899

18

Gross premiums written

14 527

14 452

–1

Premiums earned and fee income

12 835

13 004

1

Net operating margin in %²

9.4

10.0

Return on equity in %¹

11.1

12.4

Corporate Solutions

Net loss attributable to common shareholders

–405

–647

60

Gross premiums written

4 694

4 974

6

Premiums earned

3 925

4 166

6

Combined ratio in %

117.5

127.9

Net operating margin in %²

–11.1

–16.7

Return on equity in %¹

–19.4

–34.1

Life Capital

Net income/loss attributable to common shareholders

23

–177

–

Gross premiums written

2 739

2 831

3

Premiums earned and fee income

1 606

2 149

34

Gross cash generation⁴

818

1 138

39

Net operating margin in %²

3.9

2.4

Return on equity in %¹

0.4

–3.4