Swiss Re reveals first half results

Swiss Re reveals first half results | Insurance Business Asia

Swiss Re reveals first half results

Swiss Re has turned things around with its interim financials, reporting a net income for the Zurich-headquartered group in the first half following a loss in the same period in 2020.

In terms of net income (loss) attributable to shareholders, here’s how the top reinsurer performed in the six months ended June 30:

Segment

H1 2021

H1 2020

Property & casualty reinsurance

US$1.248 billion

US$(519) million

Life & health reinsurance

US$(119) million

US$74 million

Corporate solutions

US$262 million

US$(312) million

Group

US$1.046 billion

US$(1.135) billion

  

“We are very pleased with the improved profitability achieved by the group in the first half of this year,” commented Swiss Re group chief executive Christian Mumenthaler. “The focus on portfolio quality at P&C Re is delivering very strong results, and we are reaping the fruits of our decisive actions that brought Corporate Solutions back on track.

“Although L&H Re is still impacted by claims related to COVID-19 as we support our clients and society during this pandemic, its underlying business continues to perform well. All our businesses are growing, and our very strong capital position allows us to pursue attractive opportunities across all lines of business.”

Swiss Re’s group net income in the six-month span would have amounted to US$1.7 billion if not for the pandemic-linked losses. Chief financial officer John Dacey, meanwhile, said they believe that the progress of the global vaccination programmes will lead to diminishing COVID-19 losses over the coming quarters.     

In H1 2020, the reinsurer suffered coronavirus losses worth US$2.5 billion. In the same period this year, the figure stood at US$870 million, with the impact on the property & casualty unit minimal.

Mumenthaler added: “The first half of 2021 has demonstrated the strength of our business model as we see our underwriting actions deliver results. While we remain in an uncertain pandemic situation, we are confident that all our businesses are well positioned to continue to perform strongly.”