Swiss Re profit soars
Reprints
Swiss Re Ltd.’s net profit surged 580% to $3.2 billion for full-year 2023, driven by improved underwriting margins and increased investment income from higher interest rates.
Fourth-quarter net income totaled $748 million.
Net premiums earned and fee income for the group rose 4.4% to $45.0 billion in 2023.
Net income in P&C Re surged 508% to $1.9 billion for the year, driven by strong margins and investment performance, Swiss Re said.
Net premiums earned in P&C Re increased 3.9% to $22.9 billion in 2023, and unit’s combined ratio was 94.8%1 for the year, compared with 102.4% in 2022.
Net income in the corporate solutions business rose 39.5% to $678 million in 2023, driven by “disciplined underwriting” and higher investment income, Swiss Re said.
Corporate solutions’ net premiums earned were flat at $5.5 billion in 2023. The combined ratio was 91.7% for the full year, compared with 93.1 in 2022.
Swiss Re had $1.3 billion in catastrophe losses in 2023, including from the earthquake in Turkey and Syria early in the year and Hurricane Otis in Mexico in the fourth quarter.
For 2024, the Swiss Re forecasts group net income of more than $3.6 billion. P&C Re targets a combined ratio of less than 87% for the year, and corporate solutions targets a combined ratio of less than 93%.
