Swiss Re has announced a $2.4 billion strengthening to its casualty reserves ahead of its third-quarter results. We have reduced our expectation of earnings for the full-year 2024 to $3.0 billion from $3.6 billion previously. Despite the reserve strengthening, our assessment of Swiss Re's (the group's) capital position has improved under our model. We expect the group to maintain excess capital at our highest confidence level (99.99%) over the next two years. We affirmed our 'AA-' long-term issuer credit and financial strength ratings on the group's core subsidiaries, our 'A' long-term issuer credit rating on holding company Swiss Re Ltd., and our ratings on the group's debt instruments. The stable outlook reflects our expectation that the group will continue to
