Swiss Re's non-life underwriting performance has continued to improve in line with our expectations, driven by management's corrective actions in recent years and a significantly improved pricing environment. Swiss Re reported a net profit of $1.4 billion in first-half 2023 and an overall combined ratio (loss and expense) for its consolidated non-life segments of 94%. We expect the group's risk-based capital to remain at the 'AA' confidence level over 2023-2024. We therefore revised our outlook to stable from negative and affirmed the 'AA-' ratings on Swiss Re's core subsidiaries. The stable outlook reflects our expectations that Swiss Re will continue to post strong and improving underwriting results in 2023-2024, with combined ratios below 95% and capital maintained at the 'AA'
