Julien Descombes, chief underwriting officer for life and health reinsurance at Swiss Re, reviews 2024 and explains the emerging risks and regulations it will focus on in 2025
What was the most positive development of the year?
I think the most interesting one, is Swiss Re moved to the IFRS [accounting standard] for 2024 [from US GAAP] as it put our life and health (L&H) business more on the map. So far in 2024, the L&H Business Unit is performing as expected and therefore representing a bigger share of the group earnings than under US GAAP.
What was the biggest disappointment of the year?
Business-wise, the growth overall was good for L&H Insurance, however it was mainly fuelled by the savings side, and in some protection markets it was slower than expected.
What emerging risks will you be focusing on in 2025?
We'll continue to monitor very closely the evolution of excess mortality, which is continuing to reduce, but not yet at the level of pre-pandemic times.
The other one we follow closely is cancer. The risk seems to be increasing, but at the same time we see positive developments, such as advanced cancer diagnostics and new ways of providing treatment.
Which regulation(s) will you be focusing on in 2025?
It's about an even better understanding of the potential impact of IFRS on our balance sheet and P&L.
The accounting standard doesn't change the nature of the risk that you have, but it changes how it is translated for this new financial reporting. I think it will remain a big focus.
Tell us about your favourite Christmas, or Christmas present, when you were a child?
Having grown up in Canada with Swiss parents, it was definitely the Swiss chocolate my grandparents brought with them from Switzerland. It was not available everywhere like now, so it was very special.
