Fitch Ratings upgrades Swiss Re's rating outlook

Swiss ReFitch Ratings has upgraded Swiss Re's rating outlook from stable to positive. The agency has also affirmed Swiss Re's A+ financial strength rating (IFS) and A long-term issuer default rating (IDR).

This revision is reflective of Swiss Re's strongly improved financial performance, solid capitalization and very favorable business profile.

For the first nine months of 2023, the Swiss reinsurer was back on track. It recorded a net profit of 2.5 billion USD, against a net loss of 285 million USD a year earlier. Over the same period, the P&C class of business's combined ratio dropped from 106% to 94%.

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