Swiss Re: sharp increase in H1 net result

Swiss Re has recorded a 822% increase in its net income to 1.447 billion USD for the first half of 2023, against 157 million USD for the same period in 2022.

This substantial growth was mainly driven by the effective management of natural catastrophe claims, strong life and health (L&H) performance and solid results from the Corporate Solutions subsidiary.

As at 30 June 2023, the P&C activity's net result was up by 186% to stand at 904 million USD.

The 634 million USD natural catastrophe losses were incurred as a result of the earthquake in Turkey and Syria, cyclone Gabrielle and flooding in New Zealand. The combined non-life ratio has improved by 3.8 points to 94.7%.

The L&H class of business has posted a half-yearly net profit of 393 million USD, compared with the 2 million USD achieved at the end of June 2022.

The Corporate Solutions direct insurance subsidiary has generated a net profit of 323 million USD, up by 46.8% over one year.