Swiss Re Maintains Target After Profit Beats Expectations

By Adria Calatayud

Swiss Re reported a second-quarter net profit that beat analysts' expectations, with contributions from all business units, and reiterated its guidance for the year.

The Zurich-based reinsurer said Thursday that it made a net profit of $996 million for the second quarter, ahead of analysts' expectations of $925 million, according to consensus estimates provided by the company. For the first half as a whole, net profit rose to $2.09 billion from $1.79 billion.

Swiss Re said its performance in the first half of the year benefited from disciplined underwriting, low natural-catastrophe claims and strong investment income.

The reinsurer generated first-half gross insurance revenue of $22.48 billion compared with $21.78 billion a year before. Insurance revenue growth was driven by rises in its life-and-health and corporate solutions segments that offset a small decline in the property-and-casualty segment.

Analysts had forecast first-half insurance revenue at $23.16 billion, according to the company-provided consensus.

Swiss Re reaffirmed its 2024 net profit target for 2024 of more than $3.6 billion. The reinsurer said successful property-and-casualty contract renewals on July 1, which resulted in a 7% rise in volumes and a price increase of 8%, were consistent with its targets.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

August 22, 2024 01:34 ET (05:34 GMT)

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