Swiss Re has revealed its financial targets for 2025, including a Group net income of more than $4.4 billion, and a Property & Casualty Reinsurance combined ratio of less than 85%.
According to the global reinsurer, all business units are aiming for more ambitious targets compared with 2024. L&H Re aims to achieve a net income of $1.6 billion for the year, and Corporate Solutions sees a combined ratio of less than 91%.
Swiss Re also intends to grow the ordinary dividend per share by 7% or more per year over the next three years and maintains its multi-year IFRS ROE target of more than 14%.
The firm’s Group Chief Executive Officer, Andreas Berger, commented, “We have taken decisive actions in 2024 to increase the resilience of our business. We achieved our goal of positioning overall P&C reserves at the higher end of the best-estimate range.
“We refocused on our core capabilities, made good progress on the withdrawal from iptiQ and are aligning our fee-generating business across the Group.
“As we look ahead to 2025, we expect P&C reinsurance pricing to remain strong, with growing demand for protection driven by an elevated risk environment. Commercial insurance pricing is plateauing at attractive levels, while the growing life insurance market and favourable mortality experience in the US are underpinning L&H Re’s performance.
“This is supported by a significant positive contribution from investment income. With a continued focus on disciplined underwriting and costs, Swiss Re is well-placed to benefit from this conducive outlook.”
Swiss Re generated a net income of $2.2 billion and $102 million for the first nine months and third quarter of 2024, respectively, despite the addition of $2.4 billion to its prior year US liability reserves.
Meanwhile, the Group’s insurance revenue hit $33.7 billion for the first nine months of 2024, and the insurance service result totalled $2.9 billion.
