Swiss Re Reports Strong First-Quarter Results with USD 1.1 Billion Net Income

Swiss Re has announced a net income of USD 1.1 billion for the first quarter of 2024, marking a strong start under the new IFRS accounting standard. The transition from US GAAP to IFRS, effective from January 1, 2024, has brought a new clarity to the company's financial reporting. This change is seen as an opportunity to better showcase the economic value of Swiss Re's business activities.

The company highlighted the solid performance across its main business sectors, with Property & Casualty Reinsurance (P&C Re) achieving a net income of USD 552 million and a combined ratio of 84.7%, signaling efficient underwriting practices and low large catastrophe impacts. Life & Health Reinsurance (L&H Re) also reported favorable results with a net income of USD 412 million, attributed to strong investment returns influenced by higher yields. Corporate Solutions reported a net income of USD 194 million, benefiting from disciplined underwriting and low large man-made loss events.

Significant renewals in April 2024 saw P&C Re achieving a 12% price increase, reflecting careful pricing strategies amid inflation concerns. Additionally, the Group's total shareholders' equity significantly increased to USD 21.1 billion at the end of this quarter, compared to USD 16.1 billion at the end of 2023 under US GAAP.

Furthermore, Swiss Re announced its intent to exit its iptiQ business, citing shifts in market conditions and strategic priorities. This divestment will be conducted in a manner aimed at maximizing value retention.