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

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.

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