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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