Swiss Re H1 Profit Surges, Backs FY23 View; Stock Down

RTTNews | vor 515 Tagen
Swiss Re H1 Profit Surges, Backs FY23 View; Stock Down

(RTTNews) - Swiss Re Ltd. reported Friday significantly higher profit in its first half with contained natural catastrophe losses as well as improved net premiums earned and fee income. The reinsurance giant further maintained its profit target of more than $3 billion for fiscal 2023. The shares were losing around 3 percent in the morning trading in Switzerland.

Swiss Re's Group Chief Executive Officer Christian Mumenthaler said, "As we enter the second half of the year, our transition to a simpler organisational structure, which we began implementing in April 2023, is well underway. Given the positive contribution of all our main businesses, we are focused on achieving our profit target of more than USD 3 billion for the year."

For the year, L&H Re continues to target a net income of around $900 million.

For the first half, Swiss Re's net income climbed to $1.45 billion from $157 million in the same period in 2022.

According to the company, main drivers for the result were contained natural catastrophe losses in the first half, along with L&H Re's performance returning to pre-pandemic levels and a strong result for Corporate Solutions.

P&C Re reported a net income of $904 million, up from $316 million last year, driven by a solid investment result and low level of large natural catastrophe claims in the second quarter.

The large natural catastrophe losses of $634 million in the first half were related to the earthquake in Turkey and Syria, Cyclone Gabrielle and flooding in New Zealand, all of which occurred in the first quarter. Large man-made losses amounted to $76 million.

L&H Re reported a net income of $393 million, significantly higher than $2 million last year, benefitted from much lower COVID-19 claims as well as from higher investment income. However, there was elevated mortality in the US from the winter months.

The group net premiums earned and fee income increased 4.4 percent to $22.14 billion from the previous year's $21.20 billion. At constant foreign exchange rates, net premiums earned and fee income grew by 6.6 percent.

P&C Re net premiums grew 9.6 percent at constant foreign exchange rates, and the growth was 6.4 percent at L&H Re.

In spite of macro-economic volatility, higher interest rates and steadily increasing recurring income contributed to an improved investment result, according to Chief Financial Officer John Dacey.

In Switzerland, Swiss Re shares were trading at 86.88 Swiss francs, down 2.5 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

read more
Swiss Re Stock Gains As H1 Profit Climbs, Backs Outlook

Swiss Re Stock Gains As H1 Profit Climbs, Backs Outlook

Shares of Swiss Re Ltd. were gaining more than 3 percent in the morning trading in Switzerland after the reinsurer reported Thursday higher profit in its first half with improved insurance revenues, supported by strong contributions from all business units. Swiss Re's Group Chief Executive Officer Andreas Berger said, "After a strong start in the first half of this year, we maintain our 2024..."
RTTNews | vor 131 Tagen
Swiss Re FY23 Profit Surges, Ups Dividend, Confirms Outlook; Stock Down

Swiss Re FY23 Profit Surges, Ups Dividend, Confirms Outlook; Stock Down

Swiss Re Ltd. reported Friday significantly higher profit in its fiscal 2023, supported by improved underwriting margins and an increase in investment income with higher interest rates. Net premiums earned and fee income were higher than last year. Further, the company lifted its dividend, and confirmed forecast for higher earnings in fiscal 2024.
RTTNews | vor 319 Tagen
Swiss Re Posts Q3 Loss, Confirms Mid-term View; Stock Down

Swiss Re Posts Q3 Loss, Confirms Mid-term View; Stock Down

Shares of Swiss Re AG were losing around 3 percent in the morning trading in Switzerland after the reinsurer reported Friday a net loss in its third quarter and the first nine months of fiscal 2022. The results were hurt mainly by weakness in Property & Casualty Reinsurance or P&C Re segment. Going ahead, the company still expects it is unlikely to reach its Group ROE target of 10 percent in 2022.
RTTNews | vor 795 Tagen
Sensex, Nifty Seen Lower At Open

Sensex, Nifty Seen Lower At Open

Indian shares look set to open lower on Wednesday, the first trading session of New Year 2025, due to ongoing concerns about a firmer dollar and elevated U.S. Treasury yields.
RTTNews | vor 5Std 50 Minuten
TSX Ends Final Session Of 2024 On Firm Note, Posts Yearly Gain Of 18%

TSX Ends Final Session Of 2024 On Firm Note, Posts Yearly Gain Of 18%

The Canadian market ended on a firm note on Tuesday, the final session of 2024, as energy and materials stocks moved higher on firm commodity prices. Shares from real estate and communications sectors were the other notable gainers in the session.
RTTNews | vor 10Std 5 Minuten
Dollar Extends Gains Against Major Counterparts

Dollar Extends Gains Against Major Counterparts

The U.S. dollar gained against its major counterparts on Tuesday, the final session of Year 2024, on strong year-end demand and amid bets the Federal Reserve will take a cautious approach with regard to interest rate cuts as economic policies under the upcoming Trump administration will likely stoke inflation.
RTTNews | vor 10Std 47 Minuten
U.S. Dollar Strengthens Against Majors

U.S. Dollar Strengthens Against Majors

The U.S. dollar advanced against its major counterparts in the New York session on Tuesday amid indications of a hawkish Federal Reserve heading into 2025.
RTTNews | vor 13Std 3 Minuten