First, we are very pleased with the strong performance of our P&C businesses, both on a reported and a normalized basis. Despite significant natural catastrophe events impacting the industry, P&C Re achieved a 97.1% reported combined ratio in 2021, a large improvement from the 109% in 2020. P&C Re's 94.7 normalized combined ratio was in line with the full- year target of less than 95%. Corporate Solutions achieved a very strong reported combined ratio of 90.6, supported by reserve releases, which more than offset the impact from natural catastrophes. Corporate Solutions' normalized combined ratio of 95% surpassed our target of less than 97% in 2021, thereby completing the important turnaround of this business. Second, COVID-19- related claims amounted to $2 billion, with the vast majority of these pandemic losses impacting the Life & Health Re business.
Third, the robust return on investments of 3.2% in 2021 was driven by recurring income and strong equity valuations. Finally, we've achieved our growth across all our businesses, increasing premiums earned and fee income for the group by 4.8% compared with the previous year. The total impact from COVID-19 on the group's net income was $2 billion, coming almost entirely from Life & Health Re, with less than $50 million in P&C Re and Corporate Solutions. The Life & Health Re losses were primarily driven by the heightened COVID-19- related mortality rates in the U.S. and reflected the spike in infection rates at the beginning of the year as well as during the third and fourth quarters.
For future quarters, uncertainty remains across key markets in the Life and Health side, in particular the U.S., where the first quarter of 2022 continues to feature a high amount of COVID-19 and excess mortality. Based on what we know today, we are targeting a net income of $300 million for Life and Health Re in 2022, which is approximately half a billion dollars below the normal targeted run rate of the business. On the other hand, no material COVID-19 losses are expected in either of our P&C businesses for 2022. Swiss Re's capital position remains very strong. We estimate the January 1, 2022, SST ratio was around the midpoint of our 200%-250% target range. We will publish the final figure with our annual report disclosure in March.
Based on our very strong capitalization and the positive outlook, we are proposing a stable dividend of CHF 5.9 for the financial year 2021. Today, we published ambitious targets for the group and business segments, focusing on driving profitable growth across all businesses. We have introduced new US GAAP ROE targets for the group, replacing our over- the- cycle ROE target. We aim for a U.S. GAAP group ROE of 10% in 2022, increasing to 14% in 2024. We have kept the economic net worth growth per share target unchanged at 10% per annum. P&C Re targets a normalised combined ratio of less than 94% in 2022. Our focus on margins led to a nominal price increase of 4% at the January 2022 renewals, sufficient to cover more conservative loss assumptions, including those due to inflation.
P&C Re renewed treaty business contracts with $8.9 billion in premium volume, representing a 6% increase compared to the business that was up for renewal. The strong increase was achieved in areas that we have targeted, such as property and specialty lines, with natural catastrophe-related premium volume up by 24%. Corporate Solutions targets a reported combined ratio of less than 95% in 2022, which will no longer be normalized to reflect the goal to have lower volatility in this business. Life & Health Re continues to offer attractive capital deployment opportunities.
Although, as already mentioned, it is likely to remain impacted by the COVID-19 pandemic in 2022. Taking this into account, Life & Health Re targets a net income of approximately $300 million for the year. In summary, we see attractive market conditions, and we are in a strong position to continue to support our clients and deploy our capital. We will maintain our discipline, underwriting, and capital management approach, and are confident in our outlook for the group. Thank you for your attention.