Swiss Re Swings to Net Profit on Property-And-Casualty Strength

By Adria Calatayud

Swiss Re swung to a net profit for the third quarter after property-and-casualty reinsurance benefited from a lower level of large natural-catastrophe claims.

The Zurich-based reinsurer said Friday that it made a net profit of $1 billion for the third quarter. For the third quarter of last year, Swiss Re reported a net loss of $442 million mainly due to claims related to hurricane Ian.

Profit for the first nine months of the year amounted to $2.47 billion compared with a loss of $285 million for the same period last year, it said.

Swiss Re maintained its profit target for the year of more than $3 billion.

Net premiums earned and fee income for the first nine months rose to $33.72 billion from $32.37 billion, with increases in both property-and-casualty and life-and-health reinsurance.

Severe weather events in Europe, wildfires on the Hawaiian Island of Maui and the earthquake in Morocco contributed to $421 million in natural-catastrophe claims in property-and-casualty reinsurance in the third quarter, Swiss Re said. Large natural-catastrophe claims stood at $1.1 billion in the first nine months, down from $2.5 billion a year before, it said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 03, 2023 02:34 ET (06:34 GMT)

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