WASHINGTON (dpa-AFX) - Reinsurer Swiss Re Ltd. (SSREY.PK) reported Thursday higher profit in its first half, despite weak insurance revenue compared to last year.
Looking ahead, Group Chief Executive Officer Andreas Berger said, 'Swiss Re has had a strong first half and we maintain our full-year targets. Given the broad geopolitical and macroeconomic uncertainty, and as we enter the peak of the wind season, we remain vigilant. Looking ahead, we continue to focus on disciplined underwriting and cost efficiency to support the delivery of consistent results.'
In the first half, Swiss Re reported a net income of $2.61 billion, 24 percent higher than last year's $2.10 billion, driven by strong underwriting margins in both P&C businesses and a higher investment result.
P&C Re's net income grew to $1.2 billion from last year's $992 million. Corporate Solutions reported a net income of $430 million, lower than prior year's $441 million.
L&H Re's net income also declined to $839 million in the first half from $883 million in the prior-year period.
The group's Insurance revenue dropped 6 percent to $20.95 billion from $22.21 billion a year ago.
Insurance service result, however, grew 5 percent from last year to $3 billion.
In the second quarter, Swiss Re reported a profit of $1.3 billion.
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