Swiss Re Reports Q3 Net Income, Maintains 2024 Outlook

Swiss Re Ltd. reported a third-quarter net income of $102 million, contributing to a nine-month net income of $2.19 billion, while projecting over $3 billion in net income for fiscal 2024 in its latest report.

Date: 14-11-2024

AI Rating: 7

Swiss Re Ltd. reported a third-quarter net income of $102 million, which adds to the overall nine-month net income of $2.19 billion. This indicates positive performance thus far in 2023. Furthermore, the company reiterated its outlook for Group net income exceeding $3 billion for 2024, suggesting a positive long-term perspective.

The report also highlights the net income expectations for L&H Re at approximately $1.5 billion for the full year, signifying robust results driven by underwriting and investment inputs from all business units, although slightly impacted by reserved strengthening in P&C Re's US liability sector. The combined ratio in P&C Re indicated a 92.8% efficiencying, which is relatively positive as lower combined ratios represent healthier underwriting profitability.

The Group's total insurance revenue reached $33.71 billion, while the insurance service result reflected a profitability of $2.91 billion, affirming efficient operations.

Swiss Re estimated losses from Hurricane Milton to be below $300 million, indicating manageable impacts on Group results for Q4 2024. This forecast is significant as it reflects the company's ability to effectively project its exposure to natural disasters.

Stocks: SSREY