Swiss Re reports net income drop in interim financials

Swiss Re reports net income drop in interim financials | Insurance Business Canada

Swiss Re reports net income drop in interim financials

Swiss Re has published its financial results for the first half of 2022 – and while the numbers are positive, they’re generally much lower than those in 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/(loss)

H1 2021 net income/(loss)

Property & casualty reinsurance

US$316 million

US$1.3 billion

Life & health reinsurance

US$2 million

US$(129 million)

Corporate solutions

US$220 million

US$262 million

Consolidated

US$157 million

US$1 billion

 

Swiss Re attributed the plunge in consolidated net income to significantly lower investment results and to the US$283 million in reserves established in the first quarter for the war in Ukraine. The reserves were not increased in Q2 – a period in which Swiss Re posted a net income worth US$405 million.

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

“Thanks to the actions we have taken over the past years, all our businesses are well positioned and focussed on achieving their segmental targets for the year… Our very strong capital position and excellent client franchise enable us to capture further profitable growth opportunities in a supportive pricing environment.”

On July 01, the P&C reinsurance business renewed contracts with US$4.8 billion in treaty premium volume, achieving a price increase of 12% in the renewal round.