After having recorded a net loss of 248 million USD in the first quarter of 2022, Swiss Re [4] returned to profit as at 31 March 2023. On that date, the group's net profit reached 643 million USD. The net earned premiums went up by 4.1% to 11.1 billion USD.
The P&C Re class of business has posted a 334% increase in its net result to 369 million USD, despite the high natural catastrophe loss experience. This performance was mainly driven by the improved rates and the higher investment income. The non-life combined ratio has progressed by 2.1 points to 97.2%.
L&H Re's life and health activity has recorded a net profit of 174 million USD against a net deficit of 230 million USD during the same period of 2022.
The direct insurance subsidiary Corporate Solutions has achieved a net profit of 168 million USD, showing a 107% growth over one year.