Swiss Re Reports Strong 2024 Financial Performance
Global reinsurer Swiss Re reported a net income of $3.2 billion in 2024, marking an increase of approximately 3% from 2023’s $3.1 billion. This growth was mainly due to disciplined underwriting despite a 9% decline in underwriting profit to $4.3 billion.
Revenue and Return on Equity (ROE): The company’s insurance revenue rose from $43.9 billion to $45.6 billion, and its ROE was 15% compared to 16.2% in 2023. The ROI for the year increased to 4% from 3.2% in 2023, driven by recurring income.
P&C Reinsurance Performance
Net income from property and casualty (P&C) reinsurance fell by 20% to $1.2 billion due to US liability reserve strengthening. Net prior-year reserve strengthening was $2.6 billion.
Natural catastrophe events resulted in $1 billion in claims, including Hurricanes Milton, Debby, and Helene. A preliminary loss estimate of less than $700 million was made for the Los Angeles wildfires, impacting Q1 2025 results.
Life and Health Reinsurance
Life and health (L&H) reinsurance generated net income of $1.5 billion, up from $1.4 billion in 2023. The insurance service result rose 15% to $1.5 billion.
Corporate Solutions
Swiss Re Corporate Solutions saw a 26% rise in net income to $829 million. The segment achieved a combined ratio of 89.7%, stronger than 2023’s 91%.
Focus on Profitability: Andreas Berger, Swiss Re’s Group CEO, stated, “Our focus in 2024 was on profitability and resilience. We have delivered strong net income and ROE while positioning P&C reserves at the higher end of our best-estimate range.”
2025 Outlook
Swiss Re aims for a Group net income of more than $4.4 billion in 2025, with specific targets for P&C Re, L&H Re, and Corporate Solutions. Berger highlighted, “We remain focused on delivering on our targets for the year and reaching our cost efficiency goals.”
