Swiss Re posts $1.1b net income in Q1’24

Insurance revenue reached $11.5b.

Swiss Re reported a first quarter (Q1’24) net income of $1.1b, which benefited from its underwriting discipline and robust investment income. This marks the first quarter under IFRS accounting standards since transitioning from US GAAP, the company said.

"All our main businesses posted strong results, driven by underwriting discipline, strong investment returns, and effective cost management,” Group CEO Christian Mumenthaler said in the media release.

Swiss Re saw its return on equity at 21.3% in Q1’24, whilst insurance revenue reached $11.7b and an insurance service result of $1.4b.

P&C Re reported a net income of $552m, driven by disciplined underwriting and solid investment results. Likewise, its L&H Re segment saw a net income of $412m, with strong investment returns.

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Corporate Solutions pencilled a net income of $194m during the January to March period, supported by disciplined underwriting and a strong investment result.

The Group's IFRS shareholders' equity reached $21.1b, up from $16.1b under US GAAP.

Swiss Re plans to exit the iptiQ business due to changed market conditions and strategic priorities. CEO Mumenthaler remains optimistic, stating, "The strong earnings in the first quarter have given Swiss Re a positive start to the year as we continue to focus on our 2024 targets."