Swiss Re reported a net income of $3.2 billion for the fiscal year 2024, marking a 3.1% increase year-on-year (YoY). The company’s performance highlights its focus on profitability and resilience, as stated by CEO Andreas Berger.
In a media release, Berger emphasized the company’s achievements: “Our results for the period reflect that we are on the right track, with strong net income and return on equity (ROE). We have also positioned our Property & Casualty (P&C) reserves at the higher end of our best-estimate range.”
The board has proposed an 8% increase in dividends for shareholders, raising the payout to $7.35 per share, compared to the previous year.
While Swiss Re’s insurance service result declined to $4.3 billion from $4.7 billion, its insurance revenue grew to $45.6 billion from $43.9 billion.
Key segments performed as follows:
- Property & Casualty Reinsurance (P&C Re) reported a net income of $1.2 billion, a 20% decrease YoY, largely due to additional US liability reserve adjustments from prior years.
- Corporate Solutions posted a net income of $829 million, a 26% increase YoY, driven by robust investment income and disciplined underwriting.
- Life & Health Reinsurance (L&H Re) saw a slight increase in net income, rising to $1.5 billion from $1.4 billion in 2023, meeting its target.
Looking ahead to 2025, Swiss Re is targeting a net income of more than $4.4 billion. L&H Re aims to contribute $1.6 billion of this total. The company has set a combined ratio goal of below 85% for P&C Re and below 91% for Corporate Solutions. Swiss Re also reaffirmed its multi-year ROE target of over 14% and plans to increase annual dividends by at least 7% from 2025 to 2027.
Regarding natural disasters, Swiss Re estimated preliminary claims from the Los Angeles wildfires at under $700 million, with the total insured market loss from the event projected at approximately $40 billion.
Berger concluded that all of Swiss Re’s business segments are entering 2025 on strong footing, with disciplined underwriting and cost efficiency as top priorities for the year ahead.
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