Reinsurer Swiss Re has reported net income of USD 1 billion for the first-half of 2018, driven by improved underwriting results in P&C and premium growth.
Gross premiums written increased 8.0% to USD 19.6 billion, mainly due to premium growth across the Group’s life and health businesses. The Group return on equity (ROE) was 6.3% for the first six months of 2018. Excluding the new US GAAP guidance, the estimated Group ROE would have been 7.7%.
“It is positive to see that the market environment is gradually recovering. We improved our profitability and underwriting performance, especially in P&C, and our solid results show the value of our diversified book of business. I’m also pleased that we were able to grow as a Group overall”, said Swiss Re’s Group Chief Executive Officer, Christian MUMENTHALER.
In P&C Reinsurance, 1H2018 net income was USD 752 million, driven by a strong underwriting performance supported by benign large loss experience. ROE for the first half of 2018 was 14.5% and the combined ratio improved to 92.9% in the first six months of 2018 from 97.4% for the same period in 2017, benefiting from the absence of large losses and favorable prior accident year development. At the same time, P&C Reinsurance GWP increased by 1.8% to USD 9.6 billion for the first six months of 2018, reflecting positive foreign exchange rate development…