Ad hoc announcement pursuant to Article 53 LR
• Property & Casualty Reinsurance (P&C Re) H1 2024 net income of USD 989 million; combined ratio of 84.5%[1]
• Successful P&C Re July 2024 renewals, consistent with targets
• Life & Health Reinsurance (L&H Re) H1 2024 net income of USD 883 million
• Corporate Solutions H1 2024 net income of USD 435 million; combined ratio of 88.7%[2]
• Return on investments (ROI) of 4.0%; recurring income yield of 4.0%
Swiss Re reported a profit of USD 996 million in the second quarter of 2024, resulting in a net income of USD 2.1 billion and a return on equity (ROE) of 20.1% for the first half of the year. The Group's financial performance was supported by strong contributions from all Business Units, and Swiss Re maintains its full-year targets.
Swiss Re's Group Chief Executive Officer 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."
Swiss Re's Group Chief Financial Officer John Dacey said: "These results highlight our focus on capital allocation discipline and quality across our underwriting and investment portfolios. Additionally, higher interest rates continue to benefit our investment income."
Group result benefits from disciplined underwriting and strong investment income
Swiss Re reported a net income of USD 2.1 billion and an ROE of 20.1% for the first half of 2024. The main drivers for this result were disciplined underwriting, low natural catastrophe claims and strong investment income.
Insurance revenue[3] for the Group amounted to USD 22.5 billion. The insurance service result[4], which reflects profitability of the underwriting activity, was USD 2.9 billion.
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