Swiss Re Net Profit Surged on Property-and-Casualty Strength

By Adria Calatayud

Swiss Re reported a sharply higher net profit for last year thanks to an improved performance in its property-and-casualty reinsurance segment, where large natural-catastrophe claims were below budget.

The Zurich-based reinsurer said Friday that it made a net profit of $3.21 billion compared with $472 million in 2022. It targeted a profit of more than $3 billion in 2023, while analysts polled by FactSet had forecast $3.27 billion.

Swiss Re's property-and-casualty segment was the largest profit contributor with $1.86 billion, while its life-and-health and corporate-solutions businesses also posted higher profits.

Large natural-catastrophe claims amounted to $1.3 billion last year, below the budget of $1.7 billion, the company said.

Net premiums earned and fee income rose to $45.00 billion from $43.12 billion.

Swiss Re said it renewed treaty contracts valued at $13.1 billion on Jan. 1, representing a 9% volume increase compared with the business that was up for renewal and achieving a price rise of 9%.

Swiss Re maintained its profit target for 2024 of more than $3.6 billion.

Its board proposed a dividend of $6.80 a share for 2023, up 6% on the prior year.

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

(END) Dow Jones Newswires

February 16, 2024 01:39 ET (06:39 GMT)

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