Swiss Re AG (STU:SR9A)

€ 35 0 (0%) Market Cap: 40.66 Bil Enterprise Value: 45.40 Bil PE Ratio: 12.84 PB Ratio: 1.92 GF Score: 65/100

Q3 2024 Swiss Re AG Earnings Call Transcript

Nov 14, 2024 / 01:00PM GMT

Release Date Price: €32 (+0.63%)

Transcript

Andreas Berger

Swiss Re AG - Chief Executive Director - Corporate Solutions, Member of the Group Executive Committee

Yes. Thank you very much, and good morning or good afternoon to all of you. Thank you for joining us today. Before our Group CFO, John Dacey, will walk you through the details of our nine months results for 2024, I'll start by briefly sharing some remarks on the reserving actions we announced last week.

Last week, we preannounced that we have significantly strengthened P&C Re's US liability reserves. Specifically, we added USD2.4 billion to P&C Re's prior year nominal US liability reserves in Q3, bringing total prior year US liability reserve additions to USD3.1 billion for the first nine months of this year.

Our third quarter action addresses the outcome of a comprehensive review, which considered the latest industry data and legal trends. The significant amounts we have added reflect the incorporation of an adverse future scenario into our reserving assumptions.

Looking forward, we expect now to sleep well -- ridiculously well when it comes to this

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