Swiss Re Posts Higher First-Half Profit as Reinsurance Renewals Soften
Swiss Re reported $2.8 billion group net income for the first half, slightly above consensus, helped by a 76.7% combined ratio in property and casualty reinsurance and stronger insurance service results. It cited challenging renewals, with 1.2% nominal price decreases and a 9% drop in natural catastrophe premium volumes. The firm also said it has completed about 60% of its $1.5 billion share buyback.