Swiss Re has reported a net income of USD 2.2 billion for the first nine months of 2024, achieving a return on equity of 13.4%. This result was influenced by resilient underwriting and investment contributions across all business units, despite reserve strengthening related to Property & Casualty Reinsurance's (P&C Re) US liability business in the third quarter.
Andreas Berger, Swiss Re's Group Chief Executive Officer, commented: "Enhancing the overall resilience of the Group has been a key priority for the management team. With the decisive actions in the third quarter, which follow a comprehensive review, we have reached our goal of positioning overall property and casualty reserves at the higher end of the best estimate range."
John Dacey, Swiss Re's Group Chief Financial Officer, noted: "All our Business Units continue to deliver attractive underlying performance thanks to disciplined underwriting and capital allocation. This is further supported by a significant positive contribution from investment income."
For P&C Re, net income amounted to USD 603 million with an insurance revenue of USD 15 billion and a combined ratio of 92.8%. The division strengthened its prior year US liability reserves by USD 2.4 billion in the third quarter.
Life & Health Reinsurance (L&H Re) recorded a net income of USD 1.2 billion driven by strong investment income and healthy margins. Insurance revenue stood at USD 12.6 billion.
Corporate Solutions achieved a net income of USD 642 million with an insurance revenue of USD 5.8 billion and maintained a combined ratio of 89.4%.
However, iptiQ faced challenges with a net loss of USD 241 million due to impairments linked to its withdrawal from certain business operations announced earlier this year.
The company expects its full-year group net income for 2024 to exceed USD 3 billion assuming normal loss activity continues through year's end.
Swiss Re maintains robust capital standing with an SST ratio of 284% as reported on July 1st, which reflects updates that reduce sensitivity to interest rate fluctuations.
Regarding future expectations, Andreas Berger stated: "The significant strengthening of reserves in the third quarter creates a resilient base for success in the coming years. The Group's capital position remains strong, putting us in a favourable position for the upcoming renewals."
Swiss Re plans additional communication regarding new targets for next year during December.
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