Financial Data and Key Metrics Changes - Swiss Re achieved a net income of $1.1 billion for Q1 2024, reflecting strong performance across all main businesses [2][12] - Insurance revenues for the group reached $11.7 billion, with an insurance service result of $1.4 billion [9] - The return on investments was 4% in Q1, driven by increased recurring income [9] Business Line Data and Key Metrics Changes - Property & Casualty Reinsurance reported a net income of $552 million, with insurance revenue of $5 billion and a combined ratio of 84.7% [3] - Life & Health Reinsurance reported a net income of $412 million, with insurance revenue of $4.8 billion and a target net income of approximately $1.5 billion for 2024 [4][24] - Corporate Solutions achieved a net income of $194 million, with insurance revenue of $1.8 billion and a combined ratio of 89.9% [5][11] Market Data and Key Metrics Changes - P&C Re achieved a 12% price increase in the April 2024 renewals, with a treaty premium volume of $2.5 billion, representing a 6% volume increase [10] - The company noted a significant increase in industry loss estimates for summer storms in Italy, adjusting from $3.3 billion to $6 billion [18] Company Strategy and Development Direction - Swiss Re plans to withdraw from the iptiQ business due to a changed market environment, focusing on core activities with better growth prospects [12][67] - The company aims to achieve a Group net income of more than $3.6 billion for 2024, reflecting a 20% increase from the previous year's target [78] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial targets despite challenges, emphasizing the importance of disciplined underwriting and effective management of operating expenses [2][12] - The company anticipates continued strong demand for reinsurance, with adequate supply but not excessive, maintaining pricing discipline [27][30] Other Important Information - Swiss Re transitioned to IFRS reporting from U.S. GAAP as of January 1, 2024, affecting comparability with prior periods [9] - The company expects to manage restructuring charges related to iptiQ without significant negative impact on overall earnings [88][110] Q&A Session Summary Question: Estimate for the Baltimore Bridge loss and vulnerabilities - The gross loss for Swiss Re from the Baltimore Bridge incident was approximately $100 million, with a net loss of about $75 million [16][80] Question: Changes in iptiQ business and future plans - The decision to withdraw from iptiQ was based on lower than expected demand for its capabilities, with plans to manage the exit in a way that maximizes value [67][81] Question: Pricing environment and future expectations - Management noted that while some areas may see price stabilization, there remains room for price increases in property and nat cat reinsurance [30][43] Question: Investment return and strategy - The 4% investment return was primarily driven by a strong fixed income portfolio, with a focus on safe assets [122] Question: Overall loss booked at iptiQ - The expected loss for iptiQ in 2023 was approximately $250 million, with a smaller loss anticipated for 2024 as the business is restructured [88][86]

| --- | --- | |-----------------------------------|-------------------------------| | | | | | | | | | | Additional information on Q1 2024 | | | | First Quarter 2024 Results 13 | Financial statements Q1 2024 Income statement | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|--------|--------|-----------------------|-------------|---------------|---------------| | USD m | P&C Re | L&H Re | Corporate Solutions | Group items | Consolidation | Total Q1 ...

Poca Wander Stock Swiss RE (OTCPK:SSREF) offers a high-dividend yield that is sustainable over the long term and its current valuation seems to be undemanding. As I’ve covered in previous articles, Swiss Re’s income appeal is one of its main attractive factors, due to a combination of a high-dividend yield and a sustainable dividend over the long term. Given that Swiss Re has very recently reported its annual results, in this article I analyze its most recent financial performance and update its investm ...

Swiss Re AG (OTCPK:SSREY) FY2023 Earnings Conference Call February 16, 2024 8:00 AM ET Company Participants Christian Mumenthaler - Group Chief Executive Officer John Dacey - Group Chief Financial Officer Thomas Bohun - Head of Investor Relations Conference Call Participants Andrew Ritchie - Autonomous Kamran Hossain - JPMorgan Vinit Malhotra - Mediobanca Will Hardcastle - UBS Ivan Bokhmat - Barclays Freya Kong - Bank of America Roland Pfaender - ODDO BHF Darius Satkauskas - Keefe, Bruyette & Woods Operato ...

Swiss Re CEO Christian Mumenthaler gestures during a session of the World Economic Forum (WEF) annual meeting in Davos on January 18, 2024.Insurance giant Swiss Re on Friday reported a sharp upswing in full-year profit, benefitting from what it described as an attractive market environment after a "batch of bad years."The Zurich-headquartered company posted full-year net profit of $3.2 billion, in line with expectations according to an LSEG-compiled consensus. It marked a nearly 580% increase when compared ...

Swiss Re AG (OTCPK:SSREF) Q3 2023 Results Conference Call November 3, 2023 9:00 AM ET Company Participants John Dacey - Group Chief Financial Officer Thomas Bohun - Head of Investor Relations Conference Call Participants Andrew Ritchie - Autonomous Kamran Hossain - JPMorgan Freya Kong - Bank of America Will Hardcastle - UBS Derald Goh - RBC Tryfonas Spyrou - Berenberg James Shuck - Citi Vinit Malhotra - Mediobanca Guilhem Horvath - BNP Paribas Ivan Bokhmat - Barclays Operator Good morning or good afternoon. ...

Swiss Re AG (OTCPK:SSREF) Q2 2023 Earnings Conference Call August 4, 2023 8:00 AM ET Company Participants Christian Mumenthaler - Group Chief Executive Officer John Dacey - Group Chief Financial Officer Thomas Bohun - Head of Investor Relations Conference Call Participants Andrew Ritchie - Autonomous Kamran Hossain - JPMorgan Ivan Bokhmat - Barclays Freya Kong - Bank of America Tryfonas Spyrou - Berenberg William Hardcastle - UBS Derald Goh - RBC Capital Markets Vinit Malhotra - Mediobanca Ashik Musaddi - M ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | Half-year 2023 Results | | | | | | | | | | | Swiss Re investor and analyst presentation Zurich, 4 August 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Solid performance in the first half of 2023 | --- | --- | --- | --- | --- | --- | --- | ...

Swiss Re AG (OTCPK:SSREF) Q1 2023 Results Conference Call May 4, 2023 2:30 AM ET Company Participants John Dacey - CFO Thomas Bohun - Head, IR Conference Call Participants Kamran Hossain - JPMorgan Andrew Ritchie - Autonomous Will Hardcastle - UBS Freya Kong - Bank of America Derald Goh - RBC James Shuck - Citi Vinit Malhotra - Mediobanca Ashik Musaddi - Morgan Stanley Tryfonas Spyrou - Berenberg Ivan Bokhmat - Barclays Thomas Fossard - HSBC Operator Good morning or good afternoon. Welcome to Swiss Re's Fir ...

Financial Data and Key Metrics Changes - 2022 was a challenging year for the company due to various factors including inflation and natural catastrophe losses, but Q4 showed strong performance with a good combined ratio in P&C Re [3][6] - The company reported a recurring investment yield expected to exceed USD 400 million in 2023 compared to 2022 [5] - The dividend was set at USD 6.4, reflecting strong capitalization [5][12] Business Line Data and Key Metrics Changes - Life Re reported approximately USD 200 million in results, with expectations of continued improvement as the pandemic recedes [4] - The combined ratio for Corporate Solutions (CorSo) was 93.1% for both Q4 and the full year [4] - The P&C Re business experienced a net price increase of 5%, with an 18% increase in prices offset by 13% due to inflation and model updates [6][9] Market Data and Key Metrics Changes - The company noted a significant increase in investor interest, leading to an increase in sidecar funds to nearly USD 3 billion [7] - The company expects a combined ratio target of less than 95% for P&C, starting from an impacted level of around 96% due to inflation [9] Company Strategy and Development Direction - The company aims to maintain its multiyear targets, including a group ROE of 14% on a normalized equity basis [7][8] - The company is transitioning to a reported combined ratio target to reflect greater confidence in its delivery and to align with market practices [14][15] - A restructuring initiative is underway to simplify the corporate structure, aiming for increased efficiency and cost savings while maintaining strong underwriting capabilities [61][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the renewal data and the overall market conditions, indicating a constructive environment for growth despite ongoing inflationary pressures [5][58] - The company remains vigilant regarding risks, particularly in light of inflation and geopolitical uncertainties [12][51] - Management highlighted the importance of maintaining a stable dividend while evaluating future adjustments based on performance [51] Other Important Information - The company has maintained its NatCat budget at USD 1.9 billion, reflecting a prudent approach despite growth in exposure and inflation [20][24] - The company is closely monitoring the impact of inflation on reserves and expects to maintain strong reserve positions [22][25] Q&A Session Summary Question: Combined ratio target in P&C Re - Management indicated that moving to a reported basis reflects greater confidence and aligns with market practices, allowing for better assessment of volatility [14][15] Question: Economic uplift from January renewals - Management expects similar market conditions to continue throughout the year, with rates needing to match the risks taken [17] Question: NAT cat budget assumptions - The budget remains unchanged due to expected growth in the renewal portfolio, with prudent adjustments made based on loss expectations [20][24] Question: COVID reserves and claims environment - The company has settled some COVID-related claims, reducing IBNRs, and expects to clean up most positions in 2023 [39][75] Question: Pricing environment for CorSo - Management noted that while price increases have slowed, the environment remains constructive for growth, particularly in light of inflation [58][60] Question: Dividend outlook - The company plans to maintain the current dividend level while evaluating future adjustments based on performance [51] Question: Loss model updates - The updates were driven by a combination of inflation and changes in loss models across various lines of business [68][69]