Swiss Re has announced a net income of USD 3.2 billion for the year 2024, with a return on equity (ROE) of 15%. The company's Board of Directors plans to propose an increased dividend of USD 7.35 per share at the upcoming Annual General Meeting.
Andreas Berger, Swiss Re's Group Chief Executive Officer, stated: "Our focus in 2024 was on profitability and resilience. Our results for the period reflect this and show that we are on the right track: we have delivered strong net income and ROE, while achieving our goal of positioning overall P&C reserves at the higher end of our best-estimate range."
John Dacey, Swiss Re's Group Chief Financial Officer, added: "The strong underlying Business Unit performance is being supported by continued underwriting discipline and recurring investment income. The Group's earnings power, combined with the reserving actions taken in 2024, give us confidence to increase the pay-out to investors by proposing an 8% higher ordinary dividend of USD 7.35 per share."
In terms of individual business units, Property & Casualty Reinsurance (P&C Re) reported a net income of USD 1.2 billion despite challenges from prior-year US liability reserve additions. Corporate Solutions achieved a net income increase to USD 829 million, reflecting consistent business performance throughout the year. Life & Health Reinsurance (L&H Re) saw its net income rise to USD 1.5 billion.
Swiss Re also highlighted its strong capital position with an estimated Group Swiss Solvency Test ratio above target as of January 1, 2025.
Looking ahead to 2025, Swiss Re aims for a group-wide net income exceeding USD 4.4 billion and maintains targets for various segments including P&C Re and Corporate Solutions.
Berger further commented: "All our businesses have started 2025 in a strong position thanks to the resilient foundation we have created and disciplined underwriting as evidenced by the successful January renewals."
The company will hold a virtual media conference followed by an investors' webcast today.