The strong performance was driven by resilient underwriting and investment contributions from all Business Units, despite increased natural catastrophe activity in the third quarter.
Key highlights include a robust insurance service result of USD 2.9 billion, a strong return on investments (ROI) of 3.9%, and a strengthened reserve position for P&C Re.
Swiss Re’s strong capital position, with a Group Swiss Solvency Test (SST) ratio of 284%, reinforces its financial stability.
While the third quarter saw increased natural catastrophe losses, particularly from the severe hailstorm in Calgary, Canada, and hurricanes Debby and Helene, Swiss Re’s disciplined underwriting and strong investment performance mitigated the impact.
Swiss Re’s Group Chief Executive Officer Andreas Berger said: “Enhancing the overall resilience of the Group has been a key priority for the management team. With the decisive actions in the third quarter, which follow a comprehensive review, we have reached our goal of positioning overall property and casualty reserves at the higher end of the best-estimate range[iii].”
Swiss Re’s Group Chief Financial Officer John Dacey said: “All our Business Units continue to deliver attractive underlying performance thanks to disciplined underwriting and capital allocation. This is further supported by a significant positive contribution from investment income.”
The company’s L&H Re and Corporate Solutions segments also contributed positively to the overall results, driven by strong in-force margins and disciplined underwriting.
As Swiss Re continues to navigate a dynamic market environment, its focus on underwriting excellence, prudent risk management, and strong capital position position it well for future growth.
Swiss Re’s Group Chief Executive Officer Andreas Berger said: “The significant strengthening of reserves in the third quarter creates a resilient base for success in the coming years. The Group’s capital position remains strong, putting us in a favourable position for the upcoming renewals. We expect to update the market with new targets for 2025 next month.”
Details of 9M 2024 performance
| 9M 2024 | ||
| USD millions, unless otherwise stated | ||
| Consolidated Group (total) | ||
| Net income | 2 190 | |
| Insurance revenue (gross) | 33 711 | |
| Insurance service result | 2 908 | |
| Return on equity (%, annualised) | 13.4 | |
| Return on investments (%, annualised) | 3.9 | |
| Recurring income yield (%, annualised) | 4.0 | |
| 30.09.24 | ||
| Shareholders’ equity | 21 600 | |
| Book value per share (USD) | 73.47 | |
| 9M 2024 | ||
| P&C Reinsurance | ||
| Net income | 603 | |
| Insurance revenue (gross) | 14 977 | |
| Insurance service result | 1 010 | |
| Combined ratio (%) | 92.8 | |
| L&H Reinsurance | ||
| Net income | 1 204 | |
| Insurance revenue (gross) | 12 555 | |
| Insurance service result | 1 240 | |
| Corporate Solutions | ||
| Net income | 642 | |
| Insurance revenue (gross) | 5 792 | |
| Insurance service result | 739 | |
| Combined ratio (%) | 89.4 | |
