Swiss Re to Withdraw From iptiQ business
By Adria Calatayud
Swiss Re said it plans to exit its iptiQ digital-insurance business and will consider options for its different entities.
The Zurich-based reinsurance company said Thursday that a strategic review of its digital white-label platform concluded it wasn't the best owner for the business going forward.
Disclosure of Swiss Re's plans for iptiQ came alongside its first-quarter results, with the reinsurer reporting a net profit of $1.09 billion on gross insurance revenue of $11.68 billion.
The company said this was the first time it reported under IFRS accounting standards and didn't provide comparable figures for the same period of 2023, when it used different standards.
Swiss Re said it remains focused on its targets for 2024, including a net profit of more than $3.6 billion.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
May 16, 2024 01:51 ET (05:51 GMT)
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