Major Reinsurance Player Unveils Remarkable Reversal in Fortunes
Inforia - Swiss Re Achieves Remarkable Turnaround, Transitioning from a Net Loss in the First Nine Months of 2022 to a Net Profit for the Same Period in the Current Year.
Here are the financial highlights for the leading reinsurance company, as disclosed in Swiss Re's official statement:
| Source of net income/(loss) | 9M 2023 | 9M 2022 |
|---|---|---|
| Property & casualty reinsurance | $1.5 billion | $(283 million) |
| Life & health reinsurance | $634 million | $221 million |
| Corporate solutions | $492 million | $356 million |
| Consolidated group | $2.5 billion | $(285 million) |
Out of the total net profit recorded in the initial nine months, a substantial $1 billion was attributed to the third quarter.
Christian Mumenthaler, the group's CEO, attributed Swiss Re's strong performance in the first nine months of 2023 to their unwavering commitment to underwriting quality. He stated, 'Our focus on underwriting quality has enabled us to navigate a challenging risk environment characterized by significant loss events in the insurance industry.'
With the positive year-to-date performance in mind, Swiss Re maintains its annual targets, including a group net income exceeding $3 billion. The company continues to prioritize its disciplined underwriting strategy, establishing a robust foundation for the future.
Swiss Re's complete financial results for the year 2023 will be officially disclosed in February 2024, with the 160th annual general meeting scheduled for April.
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