The underwriting performance of property and casualty reinsurance (P&C Re) and life and health reinsurance (L&H Re), along with improving investment returns, were the primary drivers of growth, the reinsurer said.
During the period under review, Swiss Re’s net premiums earned and fee income increased by 4% to $33.71bn from $32.36bn a year earlier.
Specifically, for the first nine months of 2023, the P&C Re business reported a net profit of $1.5bn compared with a net loss of $283m year-on-year (YoY).
Net premiums from the P&C Re business grew by 4.4% to $17.35bn from $16.60bn in the same period a year ago.
Claims from large natural catastrophes between January and September 2023 were $1.1bn, down 55.9% from $2.5bn in the corresponding period of 2022.
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L&H Re’s net income grew by 186.8% to $634m, largely due to a decline in the Covid-19-related mortality claims.
For the period 30 September 2023, the L&H Re division of the company reported net premiums earned and fee income of $11.7bn as against $11.2bn a year earlier.
In the first three quarters of the year, Swiss Re Corporate Solutions business’ income increased by 38.2% YoY to $492m.
The reinsurer’s digital B2B2C insurance company iptiQ is now said to have more than 2.3 million policies in force.
Swiss Re noted that it is on course to achieve its target of a group net income of more than $3bn for the full year of 2023.
Swiss Re Group CEO Christian Mumenthaler said: “Swiss Re’s performance in the first nine months of 2023 is the result of our continued focus on underwriting quality.
“This has enabled us to navigate a heightened risk environment that continues to be characterised by significant loss events for the insurance industry.”