Swiss Re Ltd.

For the first nine months of 2024, the group reported positive earnings in all segments: CorSo continued its strong performance with a combined ratio of 89.4%; The group's P&C Re segment recorded a combined ratio of 92.8% despite the reserve strengthening. This highlights very strong underlying performance (without this, the combined ratio would have been below 80% in line with the best of its peer group); and L&H Re recorded net income of $1.2 billion. The stable outlook reflects our view that Swiss Re will continue to improve its profitability metrics over the next 24 months. We believe the group should record combined ratios in 2025 below 85% in its P/C reinsurance segment and below 91% in its corporate solutions

...Swiss Re Ltd. will remain one of the dominant players in the global reinsurance sector. S&P Global Ratings expects Swiss Re (the group) to maintain its position among the top global reinsurers, benefiting from diversified business operations. In 2023, 51% of net premium earned (NPE) came from P/C reinsurance (P&C Re), 35% from life and health reinsurance (L&H Re), and 13% from Corporate Solutions (CorSo; primarily P/C business). The group is highly diversified and will remain a significant global player present in all major markets. It currently generates about 50% of its NPE and fee income in the Americas; 32% in Europe, the Middle East, and Africa; and 18% in Asia-Pacific. We expect Swiss Re Ltd. to continue to report robust results over 2025-26, demonstrating the improvements it has made across its book. Swiss Re reported net income of $2.2 billion and return on equity (ROE) of 13.4% for the first nine months of 2024. For full-year 2024, we expect the group will record net income of...

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