Swiss Re [4] has ended the 2023 financial year with a net result of 3.2 billion USD, against 472 million USD in 2022. This increase was driven by improved underwriting margins and investment income.
P&C Re, the Group's property-casualty business, recorded an annual net profit of 1.9 billion USD, compared with 312 million USD a year earlier. The non-life combined ratio gained 7.6 points to stand at 94.8%. The natural catastrophe claims totaled 1.3 billion USD, with the year's most significant meteorological events being the earthquakes in Turkey and Syria, Hurricane Otis in Mexico, and a series of storms and floods in Europe.
The net result of the life and health business (L&H Re) went from 416 million USD as at 31 December 2022 to 976 million USD a year later.
Corporate Solutions, the group's direct insurance subsidiary, posted a 39.5% increase in net profit to 678 million USD.
Swiss Re's Board of Directors intends to propose a dividend of 6.8 USD per share at the Annual General Meeting scheduled for 12 April 2024.
The Swiss group is expecting a net result of 3.6 billion USD for the year 2024.