Swiss Re publishes financials for first nine months

Swiss Re publishes financials for first nine months

Swiss Re publishes financials for first nine months | Insurance Business Canada

Insurance News

Swiss Re publishes financials for first nine months

Reinsurance giant reports huge turnaround

Insurance News

By
Terry Gangcuangco

Swiss Re has made a huge turnaround, bouncing back from a net loss in the first nine months of 2022 to a net income in the same period this year.




Source of net income/(loss)



9M 2023



9M2022







Property & casualty reinsurance



US$1.5 billion



US$(283 million)





Life & health reinsurance



US$634 million



US$221 million





Corporate solutions



US$492 million



US$356 million





Consolidated group



US$2.5 billion



US$(285 million)




 

Of the total net profit in the first nine months, US$1 billion came from the third quarter.

“Swiss Re’s performance in the first nine months of 2023 is the result of our continued focus on underwriting quality,” group chief executive Christian Mumenthaler said. “This has enabled us to navigate a heightened risk environment that continues to be characterized by significant loss events for the insurance industry.

“In light of the good performance year to date, we maintain our targets for the full year including a group net income of more than US$3 billion. We continue to focus on our disciplined underwriting strategy that provides a strong base for the future.”

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Swiss Re’s full-year 2023 results will be announced in February 2024, while the company’s 160th annual general meeting will take place in April.

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