Swiss Re lowers its 2024 profit outlook to over $3 billion due to increased U.S. liability reserves.

Swiss Re has revised its full-year profit outlook, lowering expected net income to over $3 billion from $3.6 billion, largely due to a $2.4 billion increase in U.S. liability reserves in its Property & Casualty division during Q3 2024. This brings total reserves for the year to $3.1 billion. While the Life & Health and Corporate Solutions sectors are on track to meet 2024 goals, the Property & Casualty division is expected to miss its combined ratio target.

November 07, 2024
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