Swiss Re net income falls 12% in 9M 2024

In the third quarter, its net income was $102m.

Swiss Re reported a net income of $2.2b and a 13.4% return on equity (ROE) for the first nine months of 2024 (9M 2024), driven by resilient underwriting and investment contributions across all business units. 

However, its 9M 2024 net income was 12% lower than last year’s $2.5m.

This was partially offset by reserve strengthening related to P&C Re’s US liability business in the third quarter. 

In the third quarter (Q3 2024), Swiss Re’s net income was $102m.

Corporate Solutions achieved a net income of $642m, driven by disciplined underwriting and solid investment income. 

The business unit reported an insurance service result of $739m and maintained a combined ratio of 89.4%. The company expects to meet its annual target of a combined ratio below 93%.

iptiQ, which Swiss Re is divesting, posted a net loss of $241m for the first nine months, including a one-time impairment of $111m due to its exit from the business. 

Allianz Direct is set to acquire iptiQ’s European P&C segment, with the transaction expected to close in 2025.

CEO Andreas Berger noted that the reserve actions taken in Q3 provide a solid base for future growth, with updated 2025 targets to be announced next month.