Swiss Re announced a net income of $2.2 billion and a 13.4% return on equity (ROE) in the first nine months of 2024 (9M 2024). This performance was powered by resilient underwriting and investment contributions from all business units. However, the 9M 2024 net income was 12% lower than the previous year’s $2.5 billion. Part of this decrease was offset by reserve strengthening related to P&C Re’s US liability business in the third quarter. In the third quarter (Q3 2024) specifically, Swiss Re’s net income was $102 million.
Corporate Solutions had a net income of $642 million, thanks to disciplined underwriting and solid investment income. The business unit reported an insurance service result of $739 million and maintained a combined ratio of 89.4%. The company anticipates meeting its annual combined ratio target of below 93%. Meanwhile, iptiQ, which Swiss Re is divesting, had a net loss of $241 million in the first nine months, including a one – time impairment of $111 million due to its exit from the business. Allianz Direct is set to acquire iptiQ’s European P&C segment, with the deal expected to close in 2025.
CEO Andreas Berger pointed out that the reserve actions in Q3 create a solid foundation for future growth. Updated 2025 targets will be announced next month, signaling the company’s strategic direction moving forward.
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