Swiss reinsurance company Swiss Re, one of the largest in the industry, has sharply reduced its net profit in the first half of 2022 due to a weak first quarter and lower investment income.
The company’s net profit in January-June 2022 amounted to $157 million compared to $1.05 billion a year earlier.
The company noted in the report recovery of indicators in the second quarter – quarterly profit was $405 million after a loss in the first quarter.
Total premiums and commissions collected increased by 1.9% to $21.2 billion from $20.8 billion.
Net income of property and casualty division in the past half year amounted to $316 million compared to $1.2 billion a year earlier. Natural disaster insurance claims reached $938 million, $270 million higher than the company’s forecast.
The life and health insurance division returned to profit, netting $2 million against a $119 million loss in the first half of 2021. The division of enterprise solutions reduced net income to $220 million from $262 million.