Swiss Re aims for $3.6b in net income amidst IFRS shift

Its SST ratio is perceived to be unaffected by the shift to IFRS.

Swiss Re has unveiled new IFRS targets, aiming for a net income exceeding $3.6b in 2024 and a multi-year ROE surpassing 14%.

Swiss Re Chief Executive Officer (CEO) Christian Mumenthaler highlighted improved profitability across core businesses, with the transition from US GAAP to IFRS expected to enhance the company's value and equity.

Specific targets include an IFRS net income of over $3.6b for 2024, with L&H Re contributing $1.5b.

ALSO READ: Capital pressures linger as insurers adopt new accounting rule in South Korea

P&C Re aims for an IFRS-reported combined ratio below 87%, Corporate Solutions targets below 93%, and the overall goal is a multi-year IFRS ROE of over 14%.

The company anticipates implementing a changing reserving philosophy with sustainable dividend growth, acknowledging a potential negative impact of approximately $0.5b on profit after tax in 2024.

Despite the shift to IFRS in 2024, Swiss Re's robust SST ratio of 314% is expected to remain largely unaffected.

Follow the link for more news on

Swiss Re

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit