Swiss Re H1 profits grow amid low claim levels, price rises

22nd Aug 2024 09:55

(Sharecast News) - Reinsurance company Swiss Re said on Thursday that net profit had grown in the six months ended 30 June amid price rises and low claim levels throughout the period.

Swiss Re said net profits had risen 17% to $2.09bn in H1, roughly in line with expectations, ahead of analysts' expectations for a reading of $2.02bn as earnings got a boost from low claims for natural catastrophe and investment income.

Swiss Re noted that its digital white-label business that it was in the process of exiting continued to make a loss in H1 but said this had been partially offset by an 8% price rise in its latest round of insurance renewals on 1 July.

Chief executive officer Andreas Berger also said full-year net profits would likely exceed $3.6bn as Swiss Re maintained its full-year guidance.

As of 1005 BST, Swiss Re shares were up 3.79% at CHF 115.10 each.

Reporting by Iain Gilbert at Sharecast.com