Swiss Re has reported net income of $1.09bn and a return on equity (ROE) of 21.3% for the first quarter (Q1) of 2024.  

This marks the company’s inaugural reporting period under the International Financial Reporting Standards (IFRS), rendering the figures incomparable to the previous year’s results, which were reported under the US Generally Accepted Accounting Principles (GAAP). 

The reinsurer’s gross insurance revenue for the quarter stood at $11.67bn.  

The property and casualty reinsurance division posted net income of $552m, while insurance revenue reached $5bn in the first three months of 2024.  

Meanwhile, the life and health reinsurance division reported net income of $412m and the segment’s revenue was $4.8bn. 

Swiss Re’s corporate solutions division reported net income of $194m for Q1 2024.  

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The reinsurer also announced plans to exit the iptiQ business, a digital white-label platform, following a comprehensive review. 

Commenting on iptiQ, Swiss Re’s group CEO Christian Mumenthaler said: “The market environment today is vastly different from the one when iptiQ was created. Given these changed conditions and Swiss Re’s strategic priorities, we have concluded we are not the best owners of this business going forward.” 

For full year 2024, the reinsurance company is targeting net income of $3.6bn.  

Swiss Re group CFO John Dacey said: “The transition to IFRS from US GAAP represents an excellent opportunity to demonstrate the economic value of our businesses. The IFRS framework is also more closely aligned with how we steer the company internally and brings to the fore the earnings power of our leading life & health reinsurance franchise.”