Swiss Re has posted net income of approximately £2bn for the first nine months of 2023 and a profit of £807m. Swiss Re’s property and casualty business reported a net profit of £1.2bn which was up on the net loss of £228m announced for the same period last year.

Christian Mumenthaler, group chief executive officer at Swiss Re, said: "Swiss Re's performance in the first nine months of 2023 is the result of our continued focus on underwriting quality. This has enabled us to navigate a heightened risk environment that continues to be characterised by significant loss events for the insurance industry."

John Dacey, group chief financial officer at Swiss Re, added: "With interest rates continuing to rise, we see improvements in the recurring income yield and in our overall investment results. Combined with the improved underwriting performance, this has significantly strengthened the group's earnings capacity."

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