- Swiss Re increased US liability reserves by $2.4 billion in Q3 2024 after a comprehensive review, aiming for reserves at the higher end of the best-estimate range.
- The net reserve strengthening was $2.0 billion.
- Despite this, Swiss Re expects a Q3 net income of $0.1 billion and $2.2 billion for the first nine months of 2024, missing the P&C Re combined ratio target due to reserve actions.
- L&H Re and Corporate Solutions are on track to meet 2024 targets.
- Overall 2024 net income is expected to exceed $3 billion.
Thu Nov 07 07:23:35 -0000 2024 UTC– Swiss Re strengthened US liability reserves by $2.4 billion in Q3 2024, positioning overall reserves at the higher end of the best-estimate range.
Group net income for Q3 is expected to be $0.1 billion and $2.2 billion for the first nine months of 2024. While Life & Health Reinsurance and Corporate Solutions are on track to meet 2024 targets, P&C Re is expected to miss its combined ratio target due to reserve strengthening.
Group aims for over $3 billion net income for 2024.