Swiss Re projects a net income exceeding $4.4 bn for 2025, alongside a goal of growing its annual dividend per share by at least 7% over the next three years. The Group also maintains its multi-year IFRS return on equity (ROE) target of over 14%.
Swiss Re expects to achieve a Group net income of more than $3 bn for 2024, assuming normal loss activity for the remainder of the year.
Swiss Re currently expects its losses resulting from Hurricane Milton to be less than $300 mn, which will impact Group results in the fourth quarter of 2024.
Swiss Re’s Group Chief Executive Officer Andreas Berger said: “The strengthening of reserves in the third quarter creates a resilient base for success in the coming years. The Group’s capital position remains strong, putting us in a favourable position for the upcoming renewals. We expect to update the market with new targets for 2025 next month.
Key Business Unit Targets for 2025
- P&C Re aims for a combined ratio below 85%.
- L&H Re targets net income of $1.6 bn.
- Corporate Solutions expects a combined ratio of less than 91%.
Swiss Re remains focused on disciplined underwriting, cost control, and growth opportunities across its core business lines. The Group expects P&C reinsurance pricing to stay strong due to heightened risk demand.
We have positioned P&C reserves at the high end of best estimates, refocused on core capabilities, and made progress in exiting iptiQ
Group CEO Andreas Berger
He noted a favorable market environment for 2025, with growing demand in P&C reinsurance driven by elevated risks. In life and health, Swiss Re expects stable performance, supported by favorable U.S. mortality trends and strong investment income.
Swiss Re’s Group Chief Executive Officer Andreas Berger said: “Enhancing the overall resilience of the Group has been a key priority for the management team. With the decisive actions in the third quarter, which follow a comprehensive review, we have reached our goal of positioning overall property and casualty reserves at the higher end of the best estimate range“.
Swiss Re’s Group Chief Financial Officer John Dacey said: “All our Business Units continue to deliver attractive underlying performance thanks to disciplined underwriting and capital allocation. This is further supported by a significant positive contribution from investment income.”
Swiss Re plans to cut annual operating expenses by $300 mn by 2027 through cost-efficiency initiatives.
Business Unit Targets Breakdown
- L&H Re: Net income target of $1.6 bn for 2025.
- P&C Re: Combined ratio goal below 85%.
- Corporate Solutions: Combined ratio below 91%.
The Group remains committed to delivering shareholder value through disciplined financial management and sustainable dividend growth.
