Swiss Re announces lower net profit in its interim financial statements

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Swiss Re has released its financial results for the first half of 2022 – and while the numbers are positive, they are generally well below those for the corresponding period a year ago.

According to the top reinsurer, here’s how it fared in the six months ended June 30:








Segment

H1 2022 net income

H1 2021 net income

P&C reinsurance

$316 million

$1.3 billion

Life and health reinsurance

$2 million

($129 million)

Enterprise Solutions

$220 million

$262 million

Consolidated

$157 million

$1 billion

Swiss Re attributed the fall in consolidated net profit to significantly lower investment results and the $283 million reserves built up in the first quarter for the war in Ukraine. Reserves were not increased in the second quarter – a period in which Swiss Re posted a net profit of $405 million.

“After a difficult start to the year, Swiss Re returned to profitability in the second quarter,” noted the group’s chief executive, Christian Mumenthaler. “This was supported by strong results in life and health reinsurance and enterprise solutions, as well as a strong underwriting performance in property and casualty reinsurance.

“Thanks to the actions we have taken over the past few years, all of our businesses are well positioned and focused on achieving their sector objectives for the year…Our very strong capital position and our excellent customer franchise allow us to seize new opportunities for profitable growth in a favorable pricing environment.

On July 1, the property and casualty reinsurance business renewed contracts with a treaty premium volume of $4.8 billion, achieving a 12% price increase in the renewal cycle.

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