الجمعة، فبراير 16 فبراير 2024
Swiss Re capitalizes on strong investment outcomes and reduced catastrophe losses, marking a significant profit leap to $3.2 billion, with shareholders to enjoy a raised dividend.
Swiss Re announces a staggering profit of $3.2 billion for 2023, a substantial increase from the previous year’s $472 million. This success stems from favorable investment returns and a decrease in catastrophe-related losses. The reinsurance giant’s strategic pricing adjustments during contract renewals further contributed to this financial upturn.
The company’s net premiums and fee income rose by 4.4% to $45.0 billion, with currency fluctuations slightly tempering growth. The robust financial performance enabled a dividend boost to $6.80 per share, reflecting Swiss Re’s solid capital position, with an SST ratio estimated at 300% early in 2024, well above the 200-250% target range.
Swiss Re’s profit surged to $1.9 billion in the property and casualty segment, which was attributed to disciplined underwriting and treaty renewals, improving the combined ratio to 94.8%. Major loss events, including the Turkey and Syria earthquake and Hurricane Otis, tallied losses of $1.3 billion, below the $1.7 billion budget.
The life business also exceeded expectations, with profits reaching $976 million, thanks to effective contract management and investment prowess. The Corporate Solutions division saw a rise to $678 million in profits, with the IptiQ division growing premiums by nearly 30% to $1.1 billion and reducing losses.
Swiss Re anticipates a positive pricing trend to persist into 2024, with a 9% increase in premium volume for property and casualty renewals. The company sets an ambitious profit target of over $3.6 billion for 2024, aiming for a return on equity exceeding 14%.
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