Swiss Re bounces back in first-quarter financials
Swiss Re bounces back in first-quarter financials | Insurance Business Australia
Insurance News
Swiss Re bounces back in first-quarter financials
Chief executive cites “resilience of all our main businesses”
Insurance News
By
Terry Gangcuangco
Swiss Re has enjoyed a turnaround, reporting a profitable first quarter after suffering a loss in the same three-month span in 2022.
Source
Q1 2023 net income/(loss)
Q1 2022 net income/(loss)
Property & Casualty Reinsurance
US$369 million
US$85 million
Life & Health Reinsurance
US$174 million
US$(230 million)
Corporate Solutions
US$168 million
US$81 million
Group
US$643 million
US$(248 million)
The reinsurance giant attributed the increase in P&C Re net income to robust price improvements and higher investment results, while L&H Re’s result benefitted from a strong decline in COVID-19 claims and a higher investment income.
As for Corporate Solutions, the segment’s higher net income was due to continued disciplined underwriting, careful risk selection, and adequate pricing.
“The first-quarter results demonstrate the resilience of all our main businesses, supported by adequate pricing, higher investment returns, and cost discipline,” said group chief executive officer Christian Mumenthaler.
“In an uncertain macroeconomic environment, we continue to focus on achieving our ambitious profit target of more than US$3 billion for the group in 2023. The successful P&C Re renewals so far this year and a good start in L&H Re and Corporate Solutions underpin our confidence, supported by rising interest rates, cost discipline, and a very strong capital position.”
Additionally, Swiss Re has successfully transitioned to a new structure to create what the CEO called a “simpler and nimbler” organisation.
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