Swiss Re: 2024 results

Swiss Re closed the 2024 financial year with insurance revenue of 45.598 billion USD, up 3.9% compared with the 43.898 billion USD recorded in 2023.

Net profit rose by 3.1% to 3.238 billion USD, against 3.141 billion USD a year earlier.

The Swiss group's shareholders' equity stood at 21.892 billion USD at end-December 2024. Return on equity (ROE) came to 15%.

The non-life business (P&C Re) posted insurance revenue of 19.77 billion USD. Net result was down 20% to 1.225 billion USD. The combined ratio was 89.9%.

Natural catastrophe claims amounted to 1 billion USD, mostly due to hurricanes Milton, Debby and Helene, the violent hailstorm in Canada, storm Boris in Europe and flooding in the Gulf region.

The life and health activity (L&H Re) achieved insurance revenue and a net profit of 17.067 billion USD and 1.533 billion USD respectively.

Corporate Solutions, a subsidiary dedicated to commercial insurance, ended the year with insurance revenue of 8.083 billion USD and a net profit of 829 million USD. This entity incurred natural catastrophe losses worth 344 million USD, which were primarily linked to cyclone Megan in Australia, hurricanes Milton and Helene in the United States, and the hailstorm in Canada.

The Zurich-based group is expecting losses in connection with the Los Angeles forest fires to reach 700 million USD.

Swiss Re will propose a dividend of 7.35 USD per share for 2024 at its next Annual General Meeting scheduled for 11 April 2025.