Q2 2021 Swiss Re AG Earnings Press Conference Transcript
The group reported a profit of USD 1 billion for the first half. Both P&C businesses delivered materially improved headline combined ratios, and both are on track for the full year 2021 normalized combined ratio estimates we provided at the beginning of the year. We are pleased with the first half premium growth in reinsurance, where we believe we have got the right balance of a targeted reduction of some specific exposures while increasing the capital deployed to attractive growth opportunities.
With respect to COVID-19, the large majority of the group's USD 870 million first half losses relate to excess mortality in the United States and, therefore, impacted Life & Health Re. The burden on our P&C business dramatically reduced and was a modest USD 50 million in the first 6 months. We are also pleased to confirm that our capital position remains very strong with a midyear estimated group SST ratio above the midpoint of our target range of 200% to 250%.
P&C Re grew net premiums earned by 8.9%, supported by favorable FX
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