- Property & Casualty Reinsurance (P&C Re) net income of USD 369 million; combined ratio of 97.2%1
- Successful P&C Re April 2023 renewals, with price increase of 19% achieved
- Life & Health Reinsurance (L&H Re) net income of USD 174 million
- Corporate Solutions net income of USD 168 million; combined ratio of 90.3%1
- Return on investments (ROI) of 2.8%; recurring income yield of 3.1%
Swiss Re reported a net income of USD 643 million for the first quarter of 2023 as improved profitability in all main businesses absorbed large natural catastrophe losses and seasonally higher mortality in winter months.
Swiss Re's Group Chief Executive Officer Christian Mumenthaler said: "The first-quarter results demonstrate the resilience of all our main businesses, supported by adequate pricing, higher investment returns and cost discipline."
Swiss Re's Group Chief Financial Officer John Dacey said: "The return on investments of 2.8% that we achieved in a turbulent quarter demonstrates the quality of our asset portfolio. On the liability side, we absorbed multiple large losses, while maintaining underwriting profitability."
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