S&P revises Swiss Re view to stable

S&P said it changed its outlook for Swiss Re Ltd. to stable from negative and affirmed its ratings.

“The outlook revision to stable reflects improvements in Swiss Re's underwriting performance since 2021 and our expectation of more to come in 2023-2024. It also recognizes the strong underwriting results in the corporate solutions segment (combined ratio of 91% in first-half 2023) and property/casualty (P/C) reinsurance (94.7%), and the improvement in life and health (L/H) reinsurance results, mostly reflecting reduced Covid-19 mortality losses.

“With increasing investment income, we expect net incomes of over $2.8 billion and $3 billion for 2023 and 2024 respectively. These figures are likely to translate to a return on equity (ROE) of close to 20% for 2023 and 2024, which will be inflated in the coming years by the recent drop in shareholders' equity,” S&P said in a press release.

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