Swiss Re to adopt IFRS for its consolidated financial statements

Swiss Re announced today that it will adopt International Financial Reporting Standards (IFRS) for its consolidated financial statements as of 1 January 2024.

The Swiss Re Group, which is headquartered in Zurich, Switzerland, comprises Swiss Re Ltd (the parent company) and its subsidiaries. Currently, the consolidated financial statements of Swiss Re Ltd (SRL), Swiss Reinsurance Company Ltd (SRZ) and Swiss Re Corporate Solutions Ltd (SRCS) are prepared in accordance with US Generally Accepted Accounting Principles (US GAAP).

The Boards of Directors of SRL, SRZ and SRCS have decided that as of 1 January 2024 their consolidated financial statements will be prepared in accordance with IFRS. Financial statements for periods ending on or prior to 31 December 2023 will continue to be prepared in accordance with US GAAP.

Swiss Re

The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organised into three Business Units, each with a distinct strategy and set of objectives contributing to the Group’s overall mission.

Source: Press Release