S&P Global Ratings forecasts earnings surge to $3.6b in 2024 for Swiss Re 

Its life and health reinsurance segment is projected to reach $1.5b in profits.

With favourable market conditions and disciplined underwriting for Swiss Re, S&P Global Ratings anticipates even stronger earnings of $3.6b (IFRS 17 basis) in 2024. 

The focus remains on monitoring US casualty reserving in the property casualty reinsurance (P/C Re) segment.

The life and health reinsurance segment saw profits of $976M in 2023, with reduced COVID-19 claims and improved investment returns. Despite ongoing elevated mortality levels, especially in the US and the UK, S&P Global Ratings project further improvement in 2024, with earnings expected to reach $1.5b (IFRS 17 basis).

Swiss Re's corporate solutions segment maintained healthy operating performance, benefiting from strong market conditions, with a combined ratio of 91.7%. 

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S&P Global Ratings anticipate continued robust results in this segment for 2024-2025.

In the P/C Re segment, profitable underwriting returned in 2023 with a combined ratio of 94.8%, aided by corrective actions and improved market rates. 

Further improvements are expected in 2024, targeting a combined ratio below 87% (IFRS 17 basis).

Attention remains on casualty reserves development, with actions taken in 2023 resulting in a 126.7% combined ratio. Despite concerns about social inflation in the US, Swiss Re has reduced its exposure to US casualty lines in recent years.