Swiss Re, the Zurich-based reinsurer, has announced that it swung to a net profit of $1 billion for the third quarter. This turnaround can be attributed to a lower level of large natural-catastrophe claims in its property-and-casualty reinsurance division. In the same period last year, Swiss Re reported a net loss of $442 million, primarily due to claims related to hurricane Ian.
For the first nine months of this year, Swiss Re recorded a profit of $2.47 billion, marking a significant improvement compared to the loss of $285 million during the same period last year. The company has reiterated its profit target for the year to be more than $3 billion.
The net premiums earned and fee income for the first nine months also saw an increase from $32.37 billion to $33.72 billion. This growth was witnessed in both property-and-casualty and life-and-health reinsurance segments.
Despite adverse weather events in Europe, wildfires on the Hawaiian Island of Maui, and an earthquake in Morocco contributing to $421 million in natural-catastrophe claims, Swiss Re managed to keep its large natural-catastrophe claims at $1.1 billion in the first nine months, down from $2.5 billion the previous year.
Swiss Re’s positive financial performance demonstrates its resilience and strong commitment to delivering value to its stakeholders.
