FRANKFURT (dpa-AFX) - Swiss Re Ltd. (SSREY.PK), a Swiss insurance major, announced on Thursday that it expects third net income at around $0.1 billion, while the first nine month profit is expected at approximately $2.2 billion.
For the third-quarter and nine-month period of 2023, the company had recorded net profit of $1 billion and $2.5 billion, respectively.
The company said it has strengthened P&C Re reserves by adding $2.4 billion to P&C Re's prior year US liability reserves in the third quarter, bringing the total reserve additions to $3.1 billion for the first nine-month period of the year.
Looking ahead, for the full year, the Group expects to post net profit of over $3 billion, compared with the prior outlook of $3.6 billion.
L&H Re and Corporate Solutions are on track to reach their 2024 targets of around $1.5 billion net income.
The Group scheduled its third-quarter earnings report on November 14.
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