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The company benefited from the successful renewal of reinsurance contracts and increased investment income.
Swiss Re’s consolidated profit from January to September was $2.47 billion, the reinsurer announced on Friday. In the same quarter last year, there was a loss of 285 million dollars. Accordingly, Swiss Re reiterated its financial targets for the whole year. According to the statement, all business areas contributed to the strong result.
In property and liability reinsurance (P&C Re), the combined rate was 94.3 percent; However, according to the report, major losses resulting from natural disasters were quite serious throughout the industry. A year ago, the key figure was 106.1 percent due to very high catastrophe losses, meaning the division reported an operating loss.
Swiss Re has stuck to its financial targets for the full year, given its good performance so far this year, CEO Christian Mumenthaler said in a statement. The reinsurer is still targeting consolidated profits of over $3 billion in 2023. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
