Swiss Re unveils half-year earnings report

Swiss Re unveils half-year earnings report

Swiss Re unveils half-year earnings report | Insurance Business Canada

Insurance News

Swiss Re unveils half-year earnings report

All segments see increases in net income

Insurance News

By
Terry Gangcuangco



Results season continues with the turn of reinsurance giant Swiss Re sharing its earnings report for the first six months of 2023.

Here’s how Swiss Re fared in the first half, compared to the same period last year:




Source



H1 2023 net income



H1 2022 net income







Property and casualty reinsurance



US$904 million



US$316 million





Life and health reinsurance



US$393 million



US$2 million





Corporate solutions



US$323 million



US$220 million





Consolidated group



US$1.4 billion



US$157 million




 

“The overall result in the first half of 2023 reflects the good positioning of Swiss Re, as well as the quality of our new business,” group chief executive Christian Mumenthaler said in a release. “The performance of P&C Re and Corporate Solutions contributed to a solid second quarter.”

According to Swiss Re, its profit in the second quarter amounted to US$804 million.

Meanwhile group chief financial officer John Dacey had this to say: “In spite of macro-economic volatility, higher interest rates and steadily increasing recurring income contributed to an improved investment result.

“We have maintained our very strong capital position, which allows us to take advantage of attractive business opportunities.”

Swiss Re’s positive financials in H1 were mainly attributed to contained natural catastrophe losses in the period, L&H Re’s performance returning to pre-pandemic levels, and a strong result for Corporate Solutions.

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