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Urban Angehrn, the former director of FINMA, has joined Partners Group to enhance its insurance sector, following his departure amid the Credit Suisse crisis. This trend of ex-regulators moving to private firms raises concerns about the effectiveness of oversight in Switzerland's financial industry. Meanwhile, Patrick Raaflaub of Swiss Re will retire in 2025, with the company opting for an internal successor rather than another external hire from the regulatory sphere.
Andreas Berger, the new CEO of Swiss Re, is shifting the company's culture by enforcing a strict in-office attendance policy, signaling the end of remote work. In contrast, Google Switzerland maintains a flexible work environment, with employees often absent from the office. This highlights a growing divide in corporate work practices.
Swiss Re plans to significantly increase dividends over the next three years, targeting a consolidated profit exceeding $4.4 billion for the upcoming year. Under new CEO Andreas Berger, the reinsurer aims for enhanced business resilience, with a focus on maintaining high price levels in property and liability reinsurance and achieving a multi-year return on equity of over 14 percent under IFRS.
Swiss Re reported a profit of $100 million in Q3 2024, significantly impacted by a $2.4 billion increase in reserves for past-year claims, particularly in the U.S. liability business. The Property & Casualty Re division's profit fell to $603 million, while the Life & Health Re division performed better with a profit of $1.2 billion. Looking ahead, the group expects to exceed $3 billion in profit for the year, despite anticipated losses from Hurricane Milton.
Switzerland risks missing the fintech revolution in Asia, as its presence at the Singapore Fintech Festival feels minimal compared to the vibrant participation of other nations. Despite hosting a reciprocal event in Zurich, the Swiss delegation lacks high-profile representatives, limiting its influence in shaping critical financial innovations. The recent launch of the Swiss Financial Innovation Desk aims to bolster the country's fintech landscape, but a delayed report on future strategies raises concerns about Switzerland's proactive engagement in the evolving financial sector.
Swiss Re has lowered its annual profit targets due to $2.4 billion in increased provisions for prior years' claims in its U.S. liability business, resulting in a revised full-year profit expectation of over $3 billion, down from more than $3.6 billion. The company aims to strengthen its reserves and maintain targets for Life & Health Reinsurance and Corporate Solutions, despite P&C Re's inability to meet its combined ratio goal. Detailed results for the first nine months will be announced on November 14.
At the 20th Singapore International Reinsurance Conference, Swiss Re CEO Andreas Berger emphasized the critical role of data in addressing widening protection gaps due to climate risks, civil unrest, and cyber threats. He called for stronger public-private partnerships and urged the industry to refine data-driven strategies before applying AI, warning that many may face challenges in understanding its costs.
Andreas Berger
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