Swiss Re has posted a net income of $1.4bn for the first half (H1) of 2023, an increase of 821.6% compared with $157m in the same period last year.
The company attributed the jump in net income to a decline in losses from natural catastrophes, a rebound in the performance of the life and health reinsurance (L&H Re) segment to pre-Covid levels and a surge in the corporate solutions business.
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During the period, the company’s annualised return on equity (RoE) was 1.6% versus 22.8% in H1 2022.
Net premiums earned and fee income was $22.1bn, up 4.4% from $21.2bn for the same period of 2022.
Return on investments rose to 2.8% from 1.2% in H1 2022, owing to higher income.
The company’s property and casualty reinsurance (P&C Re) business reported a 186% rise in net income to $904m from $316m in the year-ago half.
Losses from large natural catastrophes such as earthquakes in Turkey and Syria, New Zealand floods and Cyclone Gabrielle during the period stood at $634m.
Net income in the L&H Re and corporate solutions segments of the group were $393m and $323m, respectively.
Commenting on the outlook, Swiss Re Group CEO Christian Mumenthaler said: “As we enter the second half of the year, our transition to a simpler organisational structure, which we began implementing in April 2023, is well underway.
“Given the positive contribution of all our main businesses, we are focused on achieving our profit target of more than $3bn for the year.”
In July 2023, Swiss Re’s iptiQ and insurtech Clark UK expanded their collaboration to unveil an ‘over 50s’ life insurance offering in the UK.
