1st August 2021

Swiss Re posts strong profit of $1bn in first half

Highlights are:
-Excluding COVID-19 losses, Group net income of $1.7bn and return on equity (ROE) of 13.4%
-Property and Casualty Reinsurance (P&C Re) net income of $1.2bn
-Successful July 2021 P&C Re renewals at attractive margins
-Life and Health Reinsurance(L&H Re) net loss of $119m; excluding COVID-19 losses, net income of $530m
-Corporate Solutions net income of $262m
-Strong return on investments(ROI) of 3.2%
Swiss Re’s Group ceo Christian Mumenthaler comments “We are very pleased with the improved profitability achieved by the Group in the first half of this year. The focus on portfolio quality at P&C Re is delivering very strong results, and we are reaping the fruits of our decisive actions that brought Corporate Solutions back on track. Although L&H Re is still impacted by claims related to COVID-19 as we support our clients and society during this pandemic, its underlying business continues to perform well. All our businesses are growing, and our very strong capital position allows us to pursue attractive opportunities across all lines of business.“
Swiss Re’s Group cfo John Dacey added: “Our property and casualty businesses are on track to deliver on their ambitious combined ratio goals for this year. At L&H Re, we currently believe that the progress of the global vaccination programmes will lead to diminishing COVID-19 losses over the coming quarters. Swiss Re’s asset management continues to successfully navigate financial markets and deliver strong returns for the Group.“

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