"Our hard work to increase earnings resilience is paying off with significantly improved profitability in all of our core businesses. Swiss Re is well positioned to benefit from the more economic view provided by the IFRS accounting standard, which is reflected in the targets published today", said Christian Mumenthaler, Swiss Re Group CEO.
The Group targets an IFRS net income of more than USD 3.6 billion for 2024, of which L&H Re is expected to contribute USD 1.5 billion. P&C Re targets an IFRS reported combined ratio of less than 87% for 20241. Corporate Solutions targets an IFRS reported combined ratio of less than 93% for 20241,2. Swiss Re aims at a multi-year IFRS ROE of more than 14%.
“The transition from US GAAP to IFRS provides Swiss Re with an opportunity to demonstrate the value of its business. The new accounting basis will have a positive impact on the bottom line by better reflecting L&H Re's earnings power, and on its balance sheet by eliminating systemic accounting mismatches under US GAAP. As a result, the shareholders' equity position will be significantly higher”, as the reinsurer representatives mentioned in a press release.
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