from Swiss Re TEST (isin : CH0126881561)
Swiss Re targets a net income of more than USD 4.4 billion for 2025
Swiss Re Ltd / Key word(s): Statement
Swiss Re targets a net income of more than USD 4.4 billion for 2025
13-Dec-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to Article 53 LR
- Property & Casualty Reinsurance (P&C Re) targets a reported combined ratio of less than 85%[1]
- Life & Health Reinsurance (L&H Re) targets a net income of USD 1.6 billion
- Corporate Solutions targets a reported combined ratio of less than 91%[2]
- The Group maintains its multi-year IFRS return on equity (ROE) target of more than 14%
- Swiss Re aims for dividend per share growth of 7% or more per year over the next three years[3]
Zurich, 13 December 2024 – Swiss Re announces its targets for 2025, including a Group net income of more than USD 4.4 billion. The Group also aims to grow the ordinary dividend per share by 7% or more per year over the next three years and maintains its multi-year IFRS ROE target of more than 14%.
Swiss Re's Group Chief Executive Officer Andreas Berger said: "We have taken decisive actions in 2024 to increase the resilience of our business. We achieved our goal of positioning overall P&C reserves at the higher end of the best-estimate range. We refocused on our core capabilities, made good progress on the withdrawal from iptiQ and are aligning our fee-generating business across the Group.
"As we look ahead to 2025, we expect P&C reinsurance pricing to remain strong, with growing demand for protection driven by an elevated risk environment. Commercial insurance pricing is plateauing at attractive levels, while the growing life insurance market and favourable mortality experience in the US are underpinning L&H Re's performance. This is supported by a significant positive contribution from investment income. With a continued focus on disciplined underwriting and costs, Swiss Re is well-placed to benefit from this conducive outlook."
Targets for all Business Units increased
All Business Units are aiming for more ambitious targets in 2025 compared with 2024. L&H Re will target a net income of USD 1.6 billion for the year, while P&C Re aims at a combined ratio of less than 85%. Corporate Solutions will target a combined ratio of less than 91%.
Swiss Re expects that its ongoing focus on cost discipline and efficiency will lead to a reduction in run-rate operating expenses of approximately USD 300 million by 2027.
[1] P&C Re combined ratio is defined as [–Insurance service expense (net) / Insurance revenue (net)].
[2] Corporate Solutions combined ratio is defined as [–(Insurance service expense (gross) + Reinsurance result + Non-directly attributable expenses) / Insurance revenue (gross)].
[3] In each year, subject to Board of Directors' proposal and subsequent AGM approval.
Management Dialogue webcast
Swiss Re's Group CEO and Group CFO will host the Management Dialogue 2024 event today, covering a range of topics including 2025 financial targets. The event will be followed by a Q&A session with management.
The live webcast, agenda and dial-in details are available here.
Financial calendar
27 February 2025 Full-year 2024 results
13 March 2025 Publication of the Annual Report 2024
11 April 2025 161st Annual General Meeting
For further information please contact Swiss Re Media Relations: + 41 (0)43 285 7171 or Media_Relations@Swissre.com.
Please use this link to access Swiss Re's press releases.
Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.
Cautionary note on forward-looking statements
Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Further information on forward looking statements can be found in the Legal Notice section of Swiss Re's website.
End of Inside Information
| Language: | English |
| Company: | Swiss Re Ltd |
| Mythenquai 50/60 | |
| 8022 Zurich | |
| Switzerland | |
| Phone: | +41 (0) 43 285 71 71 |
| E-mail: | Media_Relations@swissre.com |
| Internet: | www.swissre.com |
| ISIN: | CH0126881561 |
| Valor: | 12688156 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2050475 |
| End of Announcement | EQS News Service |
2050475 13-Dec-2024 CET/CEST