Swiss Re: sharp drop in net result in H1 2022

In the first half of 2022, Swiss Re has recorded an 85% drop in its net profit to 157 million USD. The half-yearly result has been impacted by the decline in financial products and the recognition of a 283 million USD provision for the Russian-Ukrainian conflict in Q1 2022.

As at 30 June 2022, the P&C class of business recorded a net profit of 316 million USD, representing a 75.2% decrease over one year. The amount of natural catastrophes claims stood at 938 million USD. The floods in Australia and South Africa, the February storms in Europe and the June bad weather in France have particularly weighed on the Swiss reinsurer's results. The non-life combined ratio has deteriorated by 4.1 points to 98.5%.

After incurring a net loss of 129 million USD in H1 2021, the life and health entity (L&H Re) has posted a net profit of 2 billion USD at the end of June 2022. This result increase is driven by the decrease of Covid-19 losses which amount to 540 million USD.

The earned premiums reached 21.204 billion USD, that is, a 2% growth compared to the 20.8 billion USD recorded as at 30 June 2021.

During the period under review, the direct insurance subsidiary, Corporate Solutions, has reported a 220 million USD profit.

Swiss Re maintains a solid capitalization with a solvency ratio above the target range of 200%-250%.