Swiss Re targets higher 2024 net income of $3.6 billion
Reuters
Published Dec 01, 2023 06:33
ZURICH (Reuters) - Swiss Re expects to increase its net income to more than $3.6 billion for 2024, the company said on Friday, as it announced new financial targets on its investors day.
The company's property and casualty reinsurance business is aiming for a combined ratio of less than 87% next year, it said, while the life and reinsurance operations is expected to generate net income of $1.5 billion.
In its corporate solutions business, the tailored insurance operation it offers to big companies, Swiss Re will target a combined ratio of less than 93%, while the group as a whole is aiming for a long-term return on equity of more than 14%.
The world's second biggest reinsurer has previously said it expects net income of more than $3 billion for 2023.
The changes come as Swiss Re switches its accounting standard from U.S. GAAP to IFRS, a move that will be effective from 2024.
"Our hard work to increase earnings resilience is paying off with significantly improved profitability in all of our core businesses," CEO Christian Mumenthaler said in a statement.
"Swiss Re is well positioned to benefit from the more economic view provided by the IFRS accounting standard, which is reflected in the targets published today."
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.