The largest Swiss reinsurer, based in Zurich, generated a profit of $2,1 billion in the first half of the year (compared to $1,4 billion in the same period last year) following a strong result in the first quarter. Insurance revenue amounted to $22,5 billion (compared to $22.1 billion the previous year), according to Thursday’s announcement. The underwriting result, which reflects the profitability of underwriting activities, was $2,9 billion, and the return on investments reached 4 percent.

The Property & Casualty Reinsurance (P&C Re) division recorded a profit of $989 million (compared to $904 million last year). According to Swiss Re, this result is primarily due to disciplined underwriting, the low number of large claims resulting from natural disasters, and strong investment results. Insurance revenue in the first half of 2024 amounted to $9,8 billion, while the underwriting result was $1,4 billion, and the combined ratio (insurance expenses over insurance revenue) was 84,5 percent. P&C Re renewed contracts with a premium volume of $4,5 billion as of July 1, 2024, achieving an 8 percent price increase.

Lower mortality rates in the U.S.

The Life & Health Reinsurance (L&H Re) division benefited from lower mortality rates in the U.S. and higher investment returns. The profit amounted to $883 million (compared to $393 million the previous year), insurance revenue was $8,7 billion, and the underwriting result was $1 billion.

The Corporate Solutions business unit also performed well. Profit reached $435 million (compared to $323 million last year), insurance revenue was $3,8 billion, and the underwriting result was $509 million.

Planned withdrawal from digital platform iptiQ on track

Strict portfolio management and disciplined underwriting have resulted in high margins in both existing and new business, Swiss Re commented. Additionally, there were few claims from human-caused losses. For large losses resulting from natural disasters, which amounted to $138 million, the Noto earthquake in Japan and Cyclone Megan in Australia were specifically mentioned.

The withdrawal from iptiQ, announced in May 2024, is proceeding according to plan. In the first half of the year, the digital insurance platform recorded a loss of $182 million, including one-time write-downs of $111 million on goodwill and intangible assets.

Looking ahead, Group CEO Andreas Berger stated: «After a strong start in the first half of this year, we are maintaining our targets for 2024, including a group profit of more than $3,6 billion.»