Business

Swiss Re H1 net income hits £750m

Excluding the costs of Covid-19, net income during the half spiked over 100% year-on-year from $865m (£619m) to $1.74bn (£1.25bn)

Swiss Re has swung to a net income of $1.05bn (£751m) in H1 FY21, up from FY20’s $1.14bn (£816m) H1 net losses.

Excluding the costs of Covid-19, net income during the half spiked over 100% year-on-year from $865m (£619m) to $1.74bn (£1.25bn).

The group also saw a 7.6% year-on-year rise to $20.8bn (£14.9bn) in net premiums earned and fee income throughout its entire operations.

P&C Re, the company’s property and casualty reinsurance arm, also reported a swing in net income to $1.2bn (£859m) during the period, up from H1 FY20’s $519m (£371m) net loss.

However, the group’s life and health insurance department saw net losses of $119m (£85.2m) in H1 FY21 as a result of the “continued Covid-19-related losses”.

Christian Mumenthaler, Group CEO at the company, said: “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.”

He added that all of the group’s businesses “are growing”, with the firm’s current capital position allowing it to “pursue attractive opportunities across all business lines”.

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