Swiss Re sets itself a high profit target for 2024
Published: Friday, Dec 1st 2023, 08:00
Updated At: Saturday, Dec 2nd 2023, 00:59
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Swiss Re wants to make profits bubble over the coming year. The reinsurer has set itself new and ambitious targets at the Investors' Day on Friday. The improved earning power should also benefit shareholders in the future.
With the planned switch from US GAAP to IFRS accounting at the beginning of 2024, Swiss Re expects "better visibility of profitability" and higher equity, as the Group announced ahead of the Investor Day.
At Group level, Swiss Re expects Group profit for 2024 to exceed the USD 3.6 billion mark. The reinsurer aims to achieve a profit of more than 3 billion in the current year 2023. The return on equity target set over several years is over 14 percent.
Life and health reinsurance (L&H Re) is expected to make a significantly larger profit contribution of 1.5 billion dollars in the future, compared to the target of 900 million dollars in the current year. Swiss Re is also setting itself a higher target for property and casualty reinsurance (P&C Re). A combined ratio of less than 87 percent is being targeted there. This year, the target is 95 percent.
Swiss Re will also maintain its capital management priorities and return to sustainable dividend growth, the Group promises.
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