Swiss Re has registered a profit of $996m in the second quarter of 2024, taking the net income during the first half (H1 2024) to $2.1bn.
The reinsurer attributed the growth to contributions from all business units and said it is on track to meet its full-year targets of more than $3.6bn.
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Its net income in the first quarter stood at $1.09bn.
Swiss Re’s insurance revenue reached $22.5bn in H1 2024, with the insurance service result, indicative of underwriting profitability, hitting $2.9bn.
The property and casualty reinsurance (P&C Re) business reported a net income of $989m for H1 2024, while insurance revenue for P&C Re stood at $9.8bn.
Life and health reinsurance (L&H Re) reported a net income of $883m, driven by positive mortality experience in the US and higher investment income, though offset by challenges in the EMEA region.
With an insurance revenue of $8.7bn and an insurance service result of $1.0bn, L&H Re is aiming for a net income of around $1.5bn for the year.
The corporate solutions unit recorded a net income of $435m in the first half due to a strong underlying business performance and favourable claims experience, complemented by robust investment income.
Swiss Re’s digital platform iptiQ posted a net loss of $182m, including one-off impairments of goodwill and intangibles totalling $111m pre-tax, following its exit from the business in May 2024.
Swiss Re Group CEO Andreas Berger said: “Swiss Re’s performance in the first half of 2024 reflects our focus on delivering consistent results. We continue to increase the overall resilience of the firm through a disciplined approach to underwriting new business while remaining on top of loss trends across our in-force portfolios.
“Amid a challenging macroeconomic and geopolitical environment, we continue to focus on disciplined underwriting to maintain and where possible improve the resilience of our portfolios to enable the delivery of consistent results.”
