Swiss Re AG (XSWX:SREN)

CHF 110.3 0.2 (0.18%) Market Cap: 32.03 Bil Enterprise Value: 36.80 Bil PE Ratio: 11.93 PB Ratio: 2.29 GF Score: 75/100

Q3 2023 Swiss Re AG Earnings Call Transcript

Nov 03, 2023 / 01:00PM GMT

Release Date Price: CHF99.26 (-1.14%)

Transcript

Operator

Good morning or good afternoon. Welcome to the Swiss Re's 9th Month 2023 Results Conference Call. Please note that today's conference call is being recorded. At this time I would like to turn the conference over to John Dacey, Group CFO, please go ahead.

John Robert Dacey

Swiss Re AG - Group CFO

Thank you. And good morning or good afternoon to everyone on the call. I'm here with Thomas Bohun, our Head of Investor Relations, to talk you through the 9 months 2023 results. Before we go to Q&A, allow me to make a few quick remarks on the release that we put out this morning.

We're reporting solid results today for the first 9 months with a profit of $2.5 billion. We're on track to achieve the full-year target of more than $3 billion of net income. All businesses contributed to a strong third quarter.

P&C Re's third quarter combined ratio of 93.7% absorbed $421 million of large nat cat losses related to various events in a busy nat cat quarter for the industry. We added significant amounts of assumption driven reserves, therefore in the

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