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Swiss Re has registered a profit of $996m in the second quarter of 2024, taking the net income during the first half (H1 2024) to $2.1bn.
The reinsurer attributed the growth to contributions from all business units and said it is on track to meet its full-year targets of more than $3.6bn.
Its net income in the first quarter stood at $1.09bn.
Swiss Re’s insurance revenue reached $22.5bn in H1 2024, with the insurance service result, indicative of underwriting profitability, hitting $2.9bn.
The property and casualty reinsurance (P&C Re) business reported a net income of $989m for H1 2024, while insurance revenue for P&C Re stood at $9.8bn.
Life and health reinsurance (L&H Re) reported a net income of $883m, driven by positive mortality experience in the US and higher investment income, though offset by challenges in the EMEA region.
With an insurance revenue of $8.7bn and an insurance service result of $1.0bn, L&H Re is aiming for a net income of around $1.5bn for the year.
The corporate solutions unit recorded a net income of $435m in the first half due to a strong underlying business performance and favourable claims experience, complemented by robust investment income.
Swiss Re’s digital platform iptiQ posted a net loss of $182m, including one-off impairments of goodwill and intangibles totalling $111m pre-tax, following its exit from the business in May 2024.
Swiss Re Group CEO 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.
“Amid a challenging macroeconomic and geopolitical environment, we continue to focus on disciplined underwriting to maintain and where possible improve the resilience of our portfolios to enable the delivery of consistent results.”
"Swiss Re logs net income of $2.1bn in H1 2024" was originally created and published by Life Insurance International, a GlobalData owned brand.
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