Swiss Re releases earnings for first nine months
Swiss Re releases earnings for first nine months | Insurance Business Asia
Insurance News
Swiss Re releases earnings for first nine months
Reinsurance giant reveals big 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 characterised 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.”
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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