Swiss Re has reported a net income of $3.21bn for full-year 2023, a 580.9% jump from $472m in 2022.  

The performance were bolstered by improved underwriting margins and a boost in investment income due to higher interest rates. 

Swiss Re’s property & casualty reinsurance (P&C Re) division posted a net income of $1.86bn for 2023, up from $312m the preceding year.  

Despite large natural catastrophe claims, which totalled $1.3bn and included events such as the earthquake in Türkiye and Syria, Hurricane Otis in Mexico and various storms in Europe, the figures remained below the full-year budget of $1.7bn. 

P&C Re’s net premiums earned increased 3.9% to $22.88bn in 2023. 

The life & health reinsurance (L&H Re) segment also reported a strong year, with net income of $976m, exceeding both the previous year’s $416m and the targeted net income of $900m.  

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This was attributed to effective in-force portfolio management and robust investment results, which counterbalanced higher mortality claims in the US. 

Corporate Solutions, another division of Swiss Re, registered a net income of $678m in 2023 versus $486m in 2022.  

The reinsurer’s business-to-business-to-consumer digital unit, iptiQ, continued its expansion in 2023, growing its in-force policies to 2.7 million, up from 2.2 million the previous year.  

Gross premiums written by iptiQ surged by 29.3% to $1.1bn. 

Despite this growth, iptiQ reported a loss before interest and tax of $247m in 2023, compared with a loss of $362m in 2022. 

Swiss Re’s board of directors will propose a 6% dividend raise to $6.8 per share.  

Swiss Re group CEO Christian Mumenthaler said: “Swiss Re can look back on a successful 2023. We achieved all our financial targets in a year that was characterised by geopolitical turbulence and continued economic uncertainty.  

“Improved price adequacy in our property and casualty businesses following strong renewals and our underwriting discipline helped us to manage elevated industry losses from natural catastrophes, while L&H Re achieved a solid result, benefitting from active in-force portfolio management and a strong investment performance.” 

Swiss Re is targeting more than $3.6bn in net income for 2024.