Swiss Re beats consensus with 86% P&C reinsurance combined ratio

By Scott Vincent

May 16 - (The Insurer) - Swiss Re reported a first-quarter P&C reinsurance combined ratio of 86% on Friday, beating consensus by 2.5 percentage points.

The group’s P&C reinsurance division reported natural catastrophe losses of $570 million for the quarter, below consensus expectations of $714 million.

First-quarter natural catastrophe losses totalled 29% of the full-year budget, and were largely attributed to January’s Los Angeles wildfires. The division also recorded $140 million of man-made losses in Q1.

Swiss Re has targeted a P&C reinsurance combined ratio of 85% or below for the full year.

The division reported net income of $527 million for the quarter, down from $555 million for the first three months of 2024.