Swiss Re targets $3.6b 2024 earnings after robust 2023 performance

Its P&C business leads with $1.9b.

Swiss Re recorded a net income of $3.2b in 2023, with a $748m earnings in fourth quarter alone. This aggressively drove a return on equity (ROE) of 22.3% for the year, prompting the board to propose a dividend increase to $6.80 per share. 

Looking ahead, the Group aims for a net income exceeding $3.6b in 2024 under IFRS standards.

“Improved price adequacy in our property and casualty businesses following strong renewals and our underwriting discipline helped us to manage elevated industry losses from natural catastrophes, while L&H Re achieved a solid result, benefitting from active in-force portfolio management and a strong investment performance." Swiss Re's Group Chief Executive Officer Christian Mumenthaler said in an announcement.

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P&C Re reported a solid net income of $1.9b, driven by resilient underwriting and disciplined renewals. Despite natural catastrophe claims, the combined ratio met targets. January renewals saw a 9% increase in premium volume, with a 9% price hike.

L&H Re surpassed its net income target, achieving $976m. Corporate Solutions and iptiQ also delivered strong performances, with stable combined ratios and increased premiums respectively.

Swiss Re also said the transition to IFRS is expected to further strengthen earnings and balance sheet.