Swiss Re reported a net income of USD 3.2 billion for 2024, up from USD 3.1 billion in the previous year, and achieved a return on equity (ROE) of 15%. The company’s Board of Directors plans to propose an 8% increase in the ordinary dividend to USD 7.35 per share at the Annual General Meeting scheduled for April 11, 2025.
Group Chief Executive Officer Andreas Berger commented: "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."
Group Chief Financial Officer John Dacey 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 USD7.35per share."
Swiss Re’s business units contributed to these results through disciplined underwriting and increased recurring investment income. The group’s insurance service result was USD 4.3 billion, down from USD 4.7 billion in 2023, while insurance revenue rose to USD 45.6 billion from USD 43.9 billion last year.
The return on investments improved to 4.0% in 2024 compared to 3.2% in the prior year, with a recurring income yield also at 4.0%. The reinvestment yield for the fourth quarter reached 4.6%.
Swiss Re maintained a strong capital position with an estimated Swiss Solvency Test (SST) ratio of 257% as of January 1, 2025, above its target range of 200–250%. This ratio decreased from mid-2024 due mainly to reserve strengthening actions, dividend accruals, and increased risk capital deployment.
In Property & Casualty Reinsurance (P&C Re), net income was USD 1.2 billion for the year—a decrease from USD 1.5 billion in the previous year—affected by additional US liability reserves recognized during the third quarter. Large natural catastrophe claims totaled USD 1 billion for events including hurricanes Milton, Debby and Helene; a hailstorm in Calgary; Storm Boris in Europe; and flooding in the Gulf region.
P&C Re strengthened its prior-year US liability reserves by a net amount of USD 2.6 billion for full-year 2024 after offsetting releases elsewhere. The segment reported an insurance service result of USD 1.8 billion (down from USD 2.8 billion) and a combined ratio of 89.9%, missing its target due largely to reserve strengthening.
At its January renewals, P&C Re increased premium volume by seven percent compared with expiring business and achieved price increases averaging nearly three percent.
Corporate Solutions posted net income of USD 829 million—up more than one-quarter over last year—and recorded large natural catastrophe losses mainly due to events such as Tropical Cyclone Megan and Hurricanes Milton and Helene.
Corporate Solutions’ insurance service result rose by almost one-quarter over last year to reach just over one billion dollars, with a combined ratio below target at just under ninety percent.
Life & Health Reinsurance (L&H Re) met its net income target with earnings rising slightly over last year’s figure to reach USD1.5billion; this included impacts from assumption reviews conducted late in the year which reduced contractual margins but were reflected in future targets.
Swiss Re continued its withdrawal from iptiQ as planned during the year—including selling its European P&C business—and reported related losses totaling more than three hundred million dollars due primarily to impairments associated with these actions.
Looking ahead, Swiss Re confirmed financial targets announced previously: aiming for group net income above four point four billion dollars next year; L&H Re targeting net income of one point six billion dollars; P&C Re seeking a combined ratio below eighty-five percent; Corporate Solutions targeting below ninety-one percent; maintaining a multi-year ROE goal above fourteen percent; and pursuing annual dividend growth above seven percent through dividends paid between now and twenty-twenty-seven.
Preliminary claims estimates related to wildfires affecting Los Angeles are expected at less than seven hundred million dollars for Swiss Re—part of what it estimates as approximately forty billion dollars total insured market loss—which will impact first quarter results next year.
Andreas Berger said: "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. We remain focused on delivering on our targets for the year and reaching our cost efficiency goals."
Key dates ahead include publication of Swiss Re’s annual report on March13thand quarterly results updates throughout twenty-twenty-five.