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
