Full year 2022 BOP was USD 6.5 billion, an increase of 12% compared with USD 5.7 billion in 2021, with improvement across almost all operating segments. This led to a business operating profit after tax return on equity of 15.7%, the highest since 2009, and well above the 2020-2022 target of >14%.
Net income after tax attributable to shareholders was USD 4.6 billion, a decrease of 12% compared with the prior-year period.
"We have exceeded our financial targets for the second consecutive three-year period. These were tough years with unexpected challenges during which we had to stay very agile and focused on our goals. We continued to execute our strategy with strong discipline and successfully drove our results to deliver the targets. I would like to thank all my colleagues, our customers and our partners for this remarkable achievement", said Group CEO, Mario Greco.
The Non-life business posted BOP of USD 3,554 million, 14% higher than in the previous year. The result benefited from a record level of premiums (+8% to USD 43,335 million) and a strong combined ratio of 94.3% in line with the previous-year period. Lower catastrophe and weather-related claims were partially offset by the inflationary environment experienced within the retail and SME business in the second half of 2022, in particular within the motor business, while commercial insurance continued to benefit from higher earned rate and margin expansion.
"The P&C business reports today an excellent combined ratio and more importantly shows double digit top-line growth. Higher risk-adjusted prices in commercial insurance and continued measured progress towards our growth ambitions took P&C gross written premiums to a record level".
On the life side, full year BOP of USD 1,963 million was up 8% compared with the prior-year period, despite unfavorable currency movements due to U.S. dollar appreciation against other major currencies. At the same time, Life gross written premiums, policy fees and insurance deposits decreased by 9% to USD 25,890 million
"The Life business achieved the highest profits ever, with a very light capital consumption. Our balance sheet remains excellent, especially as we progress with the sale of Life back books in Europe. This, together with our strong operating results, has allowed us to propose a 9% increase in the dividend per share to CHF 24".
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