Swiss Re has experienced a significant increase in net profit during the first half of the year. The company’s property-and-casualty segment, in particular, saw a low burden of natural catastrophes in the second quarter, contributing to the overall positive result.
In comparison to the same period last year, the Zurich-based reinsurer reported a net profit of $1.45 billion for the first half, a marked improvement from $157 million. Profit for the second quarter alone amounted to $804 million, up from the $643 million reported in the first quarter.
Net premiums earned and fee income for the first half also witnessed growth, reaching $22.14 billion compared to the previous year’s $21.20 billion. This increase was driven by higher net premiums earned in both the property-and-casualty and life-and-health reinsurance sectors. Swiss Re highlighted that the performance of its life-and-health division has returned to prepandemic levels.
Furthermore, during a July 1 renewal round of property-and-casualty reinsurance contracts, Swiss Re achieved a noteworthy price increase of 21%. The treaty premium volume renewed during this round amounted to $4.3 billion.
Despite these positive developments, Swiss Re has maintained its 2023 profit target of surpassing $3 billion.