Swiss Re results as at 30 September 2023

For the first nine months of 2023, Swiss Re has recorded a net profit of 2.5 billion USD, compared with a net loss of 285 million USD for the same period in 2022.

The non-life division (P&C Re) accounts for 60% of profits, or 1.5 billion USD. The life business (L&H Re) posted a net result of 634 million USD, against 492 million USD for the Corporate Solutions entity.

The combined ratio for the non-life business stood at 94.3%, despite the high level of natural catastrophe claims registered in the first three quarters of 2023. These claims amounted to 1.1 billion USD, mainly due to severe weather events in Europe and the earthquake in Morocco.

Over the same period, the gross written premiums were up by 4.2%, from 37.6 billion USD to 39 billion USD. The return on equity (ROE) was 25.9%, compared with -2.1% a year earlier.