Swiss Re has reported net income of $US2.2 billion ($3.52 billion) for the first nine months of the year.  

It is on track for net income of more than $US3 billion ($4.8 billion) for the year, and expects to reveal its 2025 earnings targets for next month. 

Losses related to Hurricane Milton are expected to be below $US300 million ($480 million). 

“The group's capital position remains strong, putting us in a favourable position for the upcoming renewals,” CEO Andreas Berger said. 

Property and casualty reinsurance net income was $US603 million ($964.8 million) in January-September and the combined operating ratio was 92.8%.  

Life and health reinsurance net income was $US1.2 billion ($1.92 billion), and corporate solutions net income was $US642 million ($1.03 billion).  

In the third quarter, Swiss Re reported net income of $US102 million ($163.2 million). 

P&C reinsurance added $US2.4 billion ($3.84 billion) to its prior-year US liability reserves in the quarter. That added 13.3 points to the nine-month combined operating ratio, and P&C reinsurance is now expected to miss its target of below 87% for the year.   

“Strong current-year underwriting performance more than offset the decisive strengthening of prior-year US liability reserves in the third quarter,” Swiss Re said.  

Large natural catastrophe claims totalled $US743 million ($1.19 billion) in the third quarter, including from a severe hailstorm in Calgary, Canada, storm Boris in Europe and US hurricanes Debby and Helene.