ZURICH: Swiss Re expects to increase its net income to more than $3.6 billion for 2024, the company said on Friday, as it announced new financial targets on its investors day.

The company’s property and casualty reinsurance business is aiming for a combined ratio of less than 87% next year, it said, while the life and reinsurance operations is expected to generate net income of $1.5 billion.

In its corporate solutions business, the tailored insurance operation it offers to big companies, Swiss Re will target a combined ratio of less than 93%, while the group as a whole is aiming for a long-term return on equity of more than 14%.

The world’s second biggest reinsurer has previously said it expects net income of more than $3 billion for 2023.

The changes come as Swiss Re switches its accounting standard from U.S. GAAP to IFRS, a move that will be effective from 2024.

“Our hard work to increase earnings resilience is paying off with significantly improved profitability in all of our core businesses,” CEO Christian Mumenthaler said in a statement.

“Swiss Re is well positioned to benefit from the more economic view provided by the IFRS accounting standard, which is reflected in the targets published today.”