Note on comparability
From 1 Jan 2023 onwards, Hannover Re and Munich Re applied IFRS 17 in their financial statements.

Due to the impact of the discounting of claims costs required by that accounting standard, the P&C reinsurance combined ratios they reported for FY2023 (94.0% and 85.2% respectively) are no longer as directly comparable with Swiss Re's P&C reinsurance combined ratio reported under US GAAP.

The figures listed above for 2022 are the undiscounted figures originally reported by Hannover Re and Munich Re under their prior accounting framework.