(CercleFinance.com) – Swiss Re announces a net profit of 157 million dollars and an ROE of 1.6% for the first half of 2022, with a profit of 405 million dollars for the second quarter.
The net result is 316 million USD in the first half of 2022 for property and casualty reinsurance. For life and health reinsurance: net result of 2 million USD in the first half of 2022, strong net result of 232 million USD in the second quarter.
Swiss Re’s recurring income yield increased to 2.3% in the first half of 2022 from 2.2% for the full year of 2021. Fixed income reinvestment yield increased significantly to 3.1 % in the second quarter of 2022, compared to 0.9% for the whole of 2021.
Investment return of 1.2% in the first half of 2022 was impacted by market valuation losses of listed shares (net of hedges) of approximately 0.4 billion USD as well as modest impairments of 50 million USD including exposures related to Russia.
Swiss Re’s capital position remained very strong, with the group’s Swiss Solvency Test (SST) ratio above the target range of 200-250%.
Swiss Re Group Chief Financial Officer John Dacey said: ‘Rising interest rates are clearly positive for the reinsurance industry, and we are beginning to see the benefits in our recurring revenue yield.’
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