Swiss Re’s revenue climbed to $US45.6 billion ($73.4 billion) last year from $US43.9 billion ($70.6 billion) in 2023.

Net income was $US3.2 billion ($5.1 billion), up from $US3.1 billion ($5 billion), and large natural catastrophe claims totalled $US1 billion ($1.6 billion).

The property and casualty operation renewed treaty contracts resulting in $US13.3 billion ($21.4 billion) of premium volume on January 1 – a 7% increase compared with the business that was up for renewal.

P&C achieved an overall price increase of 2.8% in this renewal round.

“All our businesses have started 2025 in a strong position thanks to the resilient foundation we have created and disciplined underwriting, as evidenced by the successful January renewals,” group CEO Andreas Berger said.

“We remain focused on delivering on our targets for the year and reaching our cost efficiency goals. We are on the right track: we have delivered strong net income ... while achieving our goal of positioning overall P&C reserves at the higher end of our best-estimate range.”  

Swiss Re estimates preliminary claims from the Los Angeles wildfires will be less than $US700 million ($1.1 billion), which will affect results this quarter.

Its total insured market loss estimate for the fires is $US40 billion ($64.3 billion).  

Swiss Re’s insurance service result, which reflects the profitability of underwriting activity, was $US4.3 billion ($6.9 billion) last year, down from $US4.7 billion ($7.6 billion) in 2023.

P&C reinsurance net income fell 20% to $US1.2 billion ($1.9 billion), hit by prior-year US liability reserve additions.

The operation’s insurance service combined operating ratio was 89.9%. Reserve strengthening in the third quarter accounted for 10.2 points of the full-year ratio. As a result, P&C reinsurance missed its target of less than 87% for the year.  

Swiss Re Corporate Solutions recorded a combined operating ratio of 89.7%.

From the latest Insurance News magazine: Remarkable aerial images show the devastation inflicted on LA's suburbs by the January wildfires. Could the same fate befall Australian cities?