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Swiss Re made billions in profits in 2023. The reinsurance group benefited from a good investment result and lower catastrophe losses compared to the previous year. Our goal this year is to win even more.
Net profit in 2023 was $3.2 billion, after an increase of $472 million in 2022, Swiss Re announced on Friday. The group thus exceeded its self-imposed annual profit target of $3 billion.
In property and liability reinsurance (P&C Re), the combined rate was 94.8 percent; This means that the division is once again making a significant contribution to profit growth. A year ago the key figure was 102.4 percent. In its life business (L&H Re), Swiss Re exceeded its own targets with a profit of $976 million.
The Board of Directors will now propose to the General Assembly that the dividend amount be increased by 6 percent to $6.80. This continues to be underpinned by a very solid capital base. According to Swiss Re, the Swiss Solvency Test (SST) rate was above the target range of 200 to 250 percent at the beginning of 2024.
The group also confirmed its financial targets for the new year: Swiss Re wants to achieve consolidated profits of over $3.6 billion in 2024 using its new IFRS balance sheet. In the P&C Re division, the reinsurer is targeting a combined rate below IFRS of 87 percent, with profits of $1.5 billion targeted for L&H Re. (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.
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