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Swiss Re Bolsters US Liability Reserves Amidst Comprehensive Review
Swiss Re has announced a significant increase in its US liability reserves within its Property & Casualty Reinsurance (P&C Re) division. The company has added USD 2.4 billion to the prior year reserves, marking a total increase of USD 3.1 billion for the first nine months of 2024. This decision follows a comprehensive review aimed at positioning overall reserves at the higher end of the best-estimate range.
Despite this increase, Swiss Re's Group net income for the third quarter is expected to be USD 0.1 billion, totaling approximately USD 2.2 billion for the year so far. The company remains optimistic about meeting its targets in Life & Health Reinsurance and Corporate Solutions, but expects to miss its P&C Re combined ratio target due to the reserve adjustments.
The full results for the first nine months of 2024 will be disclosed on November 14, 2024.
R. P.
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