Swiss Re (SREN) Q2 2024 earnings summary

Executive summary

• Net income for H1 2024 reached USD 2.1 billion, up from USD 1.8 billion in H1 2023, driven by disciplined underwriting, low natural catastrophe claims, and strong investment returns.

• All business segments contributed to strong results, with healthy margins and robust investment income.

• The group reaffirmed its full-year net income target of over USD 3.6 billion and remains focused on resilience as it enters hurricane season.

• Transitioned to IFRS reporting as of 1 January 2024, with restated comparatives.

Financial highlights

• Insurance revenue for H1 2024 was USD 22.5 billion, up from USD 21.8 billion in H1 2023.

• Return on investments improved to 4.0% in H1 2024 from 2.7% in H1 2023; reinvestment yield at 4.8% in Q2 2024.

• Return on equity stood at 20.1% for H1 2024.

• Earnings per share for H1 2024 was USD 6.97 / CHF 6.19.

• Shareholders’ equity increased to USD 20.4 billion as of 30 June 2024.

Outlook and guidance

• The group is on track to achieve its full-year net income target of more than USD 3.6 billion.

• P&C Re targets a full-year combined ratio below 87%; Corporate Solutions targets below 93%.

• Life & Health Re aims for full-year net income of approximately USD 1.5 billion.

• Caution remains due to the upcoming hurricane season and potential for large Nat Cat events.