Swiss Re registers $2.5b profit in 9M23

The company aims for more than $3b in net earnings for 2023.

Swiss Re posted a net income of $2.5b in the first three quarters of 2023, with a profit of $1b in the third quarter. 

All segments of their business contributed to this robust performance, and the company maintains its full-year targets.

"Swiss Re's performance in the first nine months of 2023 is the result of our continued focus on underwriting quality. This has enabled us to navigate a heightened risk environment that continues to be characterised by significant loss events for the insurance industry," Swiss Re's Group Chief Executive Officer Christian Mumenthaler said.

Swiss Re also achieved a return on equity (ROE) of 25.9% in the first nine months of 2023, a significant improvement from the prior year. 

Net premiums earned and fee income increased, and their investment portfolio benefited from higher interest rates.

The capital position remains strong, with a Swiss Solvency Test (SST) ratio of 314% as of July 1, 2023.

ALSO READ: Global cyber insurance market to see 50% growth in next five years: Swiss Re

In the property and casualty (P&C) reinsurance segment, Swiss Re reported a net profit of $1.5b for the first nine months of 2023, with a notable combined ratio of 93.7% in the third quarter, despite substantial natural catastrophe losses. 

Large natural catastrophe claims decreased compared to the previous year.

Life and health (L&H) reinsurance saw increased net income and premium growth, with a third-quarter profit of $241m. 

The decline in COVID-19-related mortality claims contributed to these results.

Corporate Solutions reported a net income of $492m in the first nine months of 2023, showing strong business performance with lower large natural catastrophe losses.

iptiQ, Swiss Re's subsidiary, experienced growth with increased premiums written and over 2.3 million policies in force in the first nine months of 2023.

Swiss Re maintains its full-year targets, aiming for a group net income of over $3b, demonstrating its commitment to disciplined underwriting for future success.