Q2 2024 Swiss Re AG Earnings Call Transcript
Key Points
- Swiss Re AG (SSREF) reported a strong net income of $2.1 billion for the first half of 2024, putting the company on track to achieve its full-year target of more than $3.6 billion.
- The P&C Re's first-half combined ratio of 84.5% reflects disciplined underwriting and a low large natural catastrophe experience.
- Life & Health Re reported a net income of $883 million in the first half of the year, driven by in-force margins and recurring investment income.
- Corporate Solutions continues to deliver strong performance with a half-year combined ratio of 88.7%, reflecting a strong underlying business performance.
- The return on investments was strong throughout the first six months of the year, with an ROI of 4.0%, benefiting from higher interest rates.
- Swiss Re AG (SSREF) remains cautious about the potential impact of natural catastrophes, especially as the company enters the active hurricane season.
- The company has taken additional reserve actions, including a $300 million IBNR reserve for potential heightened loss activity, indicating a cautious approach to potential future claims.
- The exit decision on iptiQ resulted in a write-down to zero of all related intangibles, contributing to a loss of $180 million in group items for the first half of the year.
- US liability reserves were increased by around $650 million in the first half, reflecting ongoing challenges in this line of business.
- The company acknowledges that there are still some 'hot spots' or focus areas that need attention, indicating that not all issues have been fully resolved.
(Operator Instructions) Good morning, or good afternoon, and welcome to Swiss Re's half-year 2024 results conference call. Please note that today's conference is being recorded.
At this time, I would like to turn the conference over to Andreas Berger, Group CEO. Please go ahead, sir.
Thank you very much, and good morning or good afternoon to all of you. Thanks for joining us today. I'm very happy to join you for my first results conference call as the Group CEO of Swiss Re. You know that I started officially July 1. I can just repeat again, it's a real privilege, and I'm excited to lead this remarkable organization with more than 160 years of rich history under his belt.
So before we dive into today's results, I'd like to share just a few introductory thoughts on what I believe is important for the next months and quarters. The message is, the key is to reinforce the positive momentum that we have built. We achieved our
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