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Swiss Re ‘in good position’ to meet full year targets  

Swiss Re reported a resurgent profit in its half-year report after “solid” gains across market lines in the second quarter.   

The reinsurer reports net income of $US1.4 billion ($2.12 billion) for the first half, well above the figure for the corresponding period last year of $US154 million ($233.71 million).  

The results were buoyed by a robust second quarter, with the reinsurer reporting $US804 million ($1.22 billion) net income, with strong performances in Property and Casualty and Corporate Solutions sectors.  

“In spite of macro-economic volatility, higher interest rates and steadily increasing recurring income contributed to an improved investment result,” Swiss Re’s Group Chief Financial Officer John Dacey said.  

“We have maintained our very strong capital position, which allows us to take advantage of attractive business opportunities.”  

Swiss Re notes a booming P&C line with a reported first half income of $US904 million ($1.37 billion), a sharp rise compared from $US316 million ($479.57 million) in the corresponding period last year. Corporate Solutions net income was $US323 million ($490.19 million), up from $US220 million ($333.88 million).   

The reinsurer also highlights diminished losses from natural catastrophes in the second quarter and a return to pre-pandemic performance for Life and Health lines as contributing factors to the positive results.  

Group CEO Christian Mumenthaler says the results place the reinsurer in a “good position” to achieve targeted profits for the year.   

“An increased risk awareness and rising interest rates are contributing to a strong market for our industry,” Mr Mumenthaler said.  

“As we enter the second half of the year, our transition to a simpler organisational structure, which we began implementing in April 2023, is well underway.”  

“Given the positive contribution of all our main businesses, we are focused on achieving our profit target of more than $US3 billion for the year.”