FANews
FANews
RELATED CATEGORIES

Swiss Re reports a net income of USD 1.4 billion for the first half of 2023

04 August 2023 Swiss Re

Ad hoc announcement pursuant to Article 53 LR

• Property & Casualty Reinsurance (P&C Re) H1 2023 net income of USD 904 million; combined ratio of 94.7%[1]
• Successful P&C Re July 2023 renewals
• Life & Health Reinsurance (L&H Re) H1 2023 net income of USD 393 million
• Corporate Solutions H1 2023 net income of USD 323 million; combined ratio of 91.0%[1]
• Return on investments (ROI) of 2.8%
• Very strong Group SST ratio well above target range of 200–250%

Swiss Re reported a profit of USD 804 million in the second quarter of 2023, resulting in a net income of USD 1.4 billion and a return on equity (ROE) of 22.8% for the first half of the year. All businesses contributed to the solid result. Swiss Re maintains its guidance for full-year targets.

Swiss Re's Group Chief Executive Officer Christian Mumenthaler said: "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. The performance of P&C Re and Corporate Solutions contributed to a solid second quarter."
Swiss Re's Group Chief Financial Officer John Dacey said: "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."

Half-year net income increases by USD 1.3 billion year-on-year
Swiss Re reported a net income of USD 1.4 billion and an ROE of 22.8% for the first half of 2023, compared with a net income of USD 157 million and an ROE of 1.6% for the same period in 2022. Main drivers for this result were contained natural catastrophe losses in the first half of the year, L&H Re's performance returning to pre-pandemic levels and a strong result for Corporate Solutions.

Click here to read more...

Quick Polls

QUESTION

What is your one-liner for the 2024 National Budget speech?

ANSWER

Creepy failure to adjust income tax, medical tax credits
Overall happy, it should support economic growth
Overall unhappy, soaring public sector wages and broken SOEs suck..
There are too few taxpayers, too many grant recipients.
fanews magazine
FAnews February 2024 Get the latest issue of FAnews

This month's headlines

On the insurance industry’s radar in 2024
Insurers, risk managers unsure of AI’s judgement credentials
Is offshore the place to be in 2024?
Gap claims: erosion of medical benefits, soaring specialist fees
Investments and retirement… is conventional wisdom under threat?
Subscribe now