Swiss Re: Q1 2024 results under IFRS

Swiss Re has published its first IFRS-compliant quarterly results. These figures are not comparable with those published under US GAAP for the first quarter of 2023.

For the first quarter ended 31 March 2024, the Swiss group generated insurance revenues totalling 11.7 billion USD and a net profit of 1.1 billion USD. The insurance services result, which reflects the group's underwriting activity, amounted to 1.4 billion USD.

The company's shareholders' equity stood at 21.1 billion USD. Return on equity (ROE) and return on investment (ROI) were 21.3% and 4% respectively.

P&C Re closed the first three months of 2024 with a net income of 552 million USD. This performance was primarily attributable to a well-managed underwriting policy and a low claims experience linked to major natural disasters. The non-life combined ratio was 84.7%.

The life and health business (L&H Re) posted a net profit of 412 million USD.

Corporate Solutions, the group's direct insurance subsidiary, recorded a net profit of 194 million USD during the reporting period.

Ivan Gonzalez, current Chief Executive Officer (CEO) Reinsurance and China Country President, has been promoted CEO of Corporate Solutions. He succeeds Andreas Berger, who has been appointed Group CEO. The appointment is effective as of 1 July 2024.