Reinsurance big makes enormous turnaround
Swiss Re has made an enormous turnaround, bouncing again from a web loss within the first 9 months of 2022 to a web revenue in the identical interval this 12 months.
|
Source of web revenue/(loss)
|
9M 2023
|
9M2022
|
|---|---|---|
|
Property & casualty reinsurance
|
US$1.5 billion
|
US$(283 million)
|
|
Life & well being reinsurance
|
US$634 million
|
US$221 million
|
|
Corporate options
|
US$492 million
|
US$356 million
|
|
Consolidated group
|
US$2.5 billion
|
US$(285 million)
|
Of the overall web revenue within the first 9 months, US$1 billion got here from the third quarter.
“Swiss Re’s performance in the first nine months of 2023 is the result of our continued focus on underwriting quality,” group chief govt Christian Mumenthaler mentioned. “This has enabled us to navigate a heightened danger setting that continues to be characterised by vital loss occasions for the insurance coverage business.
“In light of the good performance year to date, we maintain our targets for the full year including a group net income of more than US$3 billion. We continue to focus on our disciplined underwriting strategy that provides a strong base for the future.”
Swiss Re’s full-year 2023 outcomes will likely be introduced in February 2024, whereas the corporate’s a hundred and sixtieth annual normal assembly will happen in April.
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