The company’s net income soared to US$3.2 billion, marking a significant increase from the previous year. Additionally, Swiss Re achieved a robust Return on Equity (ROE) of 22.3%, reflecting its strong performance across various business segments.
Swiss Re’s Group Chief Executive Officer Christian Mumenthaler said: “Swiss Re can look back on a successful 2023. We achieved all our financial targets in a year that was characterised by geopolitical turbulence and continued economic uncertainty. Improved price adequacy in our property and casualty businesses following strong renewals and our underwriting discipline helped us to manage elevated industry losses from natural catastrophes, while L&H Re achieved a solid result, benefitting from active in-force portfolio management and a strong investment performance.”
Swiss Re’s Group Chief Financial Officer John Dacey also commented, saying: “Our businesses are well positioned to benefit from the current market environment, while the higher interest rate environment supports recurring investment income. This positive earnings momentum gives us confidence to increase the pay-out to investors by proposing a 6% higher ordinary dividend of USD 6.80 per share for 2023.”
In a recent announcement pursuant to Article 53 LR, Swiss Re provided detailed insights into its financial performance for 2023:
- Property & Casualty Reinsurance (P&C Re) recorded a net income of USD 1.9 billion, accompanied by a combined ratio of 94.8%.
- Life & Health Reinsurance (L&H Re) reported a net income of USD 976 million.
- Corporate Solutions achieved a net income of USD 678 million, with a combined ratio of 91.7%.
- The company’s Return on Investments (ROI) stood at 3.4%, with a recurring income yield of 3.9% in the fourth quarter.
- P&C Re witnessed a 9% increase in premium volume during the January 2024 renewals, coupled with a 9% rise in prices.
- Swiss Re maintained a strong capital position, surpassing the Group Swiss Solvency Test (SST) ratio target range as of January 1, 2024.
- The Board of Directors proposed a 6% dividend increase to USD 6.80 per share at the Annual General Meeting scheduled for April 12, 2024.
- Swiss Re aims for a Group net income exceeding USD 3.6 billion in 2024 under International Financial Reporting Standards (IFRS).
Swiss Re’s financial results for 2023 underscore its resilience and strategic agility in navigating complex market conditions. With a strong capital position and prudent underwriting practices, Swiss Re remains well-positioned for sustained growth and value creation in the future.
