Swiss Re has reported nine-month net income of $US2.5 billion ($3.8 billion), compared to a $US285 million ($438 million) year-earlier loss, following a turnaround in the property and casualty business. 

Group CEO Christian Mumenthaler says the overall performance reflects a continued focus on underwriting quality. 

“This has enabled us to navigate a heightened risk environment that continues to be characterised by significant loss events for the insurance industry,” he said.  

P&C Re net profit was $US1.5 billion ($2.3 billion) compared with a previous $US283 million ($434 million) loss following successful renewals and rising investment income. 

Large natural catastrophe claims amounted to $US1.1 billion ($1.7 billion) in the first nine months, compared with $US2.5 billion ($3.8 billion) in the previous corresponding period. Third quarter claims of $US421 million ($646 million) mainly related to severe weather in Europe, wildfires on the Hawaiian island of Maui and the Morocco earthquake.  

Life and health reinsurance net income also rose strongly to $US634 million ($973 million) from $US221 million ($339 million). 

Corporate Solutions profit increased to $US492 million ($755 million) from $US356 million ($547 million). Both large man-made and natural catastrophe losses were significantly lower than the previous period, which was marked by a significant reserve for the war in Ukraine and higher participation in natural catastrophe events.  

Group CFO John Dacey says with interest rates continuing to rise, Swiss Re see improvements in the recurring income yield and in overall investment results. 

“Combined with the improved underwriting performance, this has significantly strengthened the group's earnings capacity,” he said.  

Swiss Re has maintained its targets for the full year including a group net income of more than $US3 billion ($4.6 billion).