Swiss Re bags $3.2b profits, rises 3.1% YoY in FY 2024

The company targets a net income of over $4.4b for 2025.

Swiss Re recorded a net income of $3.2b for fiscal year (FY 2024), rising 3.1% on a year-on-year (YoY) basis.

"Our focus in 2024 was on profitability and resilience. Our results for the period reflect this and show that we are on the right track: we have delivered strong net income and ROE, whilst achieving our goal of positioning overall P&C reserves at the higher end of our best-estimate range,” Swiss Re's Group Chief Executive Officer Andreas Berger, said in a media release.

The company’s board has proposed an 8% YoY increase in dividends to $7.35 per share.

The insurance service result fell to $4.3b from $4.7b, whilst insurance revenue rose to $45.6b from $43.9b.

Property & Casualty Reinsurance (P&C Re) reported a net income of $1.2b, down 20% YoY, impacted by prior-year US liability reserve additions.

Corporate Solutions posted a net income of $829m, a 26% YoY, driven by strong investment income and disciplined underwriting.

Life & Health Reinsurance (L&H Re) reported a net income of $1.5b, up from $1.4b in 2023, achieving its target. 

For 2025, Swiss Re targets a net income of over $4.4b, with L&H Re aiming for $1.6b. 

P&C Re and Corporate Solutions seek combined ratios below 85% and 91%, respectively. The Group maintains its multi-year IFRS ROE target of over 14% and plans for annual dividend growth of at least 7% from 2025 to 2027.

Preliminary claims from the Los Angeles wildfires are estimated at under $700m, with the total insured market loss projected at approximately $40b.

Berger stated that all business segments entered 2025 in a strong position, emphasising disciplined underwriting and cost efficiency as key priorities for the year.