Swiss Re’s Group Chief Executive Officer Andreas Berger said: “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.”
Targets for all Business Units increased
All Business Units are aiming for more ambitious targets in 2025 compared with 2024. L&H Re will target a net income of USD 1.6 billion for the year, while P&C Re aims at a combined ratio of less than 85%. Corporate Solutions will target a combined ratio of less than 91%.
Swiss Re expects that its ongoing focus on cost discipline and efficiency will lead to a reduction in run-rate operating expenses of approximately USD 300 million by 2027
