Swiss Re: consensus exceeded, targets confirmed

(CercleFinance.com) - Swiss Re, the world's second-largest reinsurer, expressed optimism on Thursday that it would achieve its annual targets after reporting a better-than-expected Q2 performance.


Net income for the three months to the end of June came to $996m, well ahead of the consensus of $925m, bringing H1 profit to $2.1bn.

According to analysts at RBC, the group benefited from solid returns on its financial investments, against a backdrop of rising interest rates, and a better-than-expected combined ratio in property-casualty business.

The group, whose return on equity stood at 20.1% at the end of June, said it was well on the way to achieving its annual targets, including a 2024 net profit of over $3.6bn, while highlighting the current 'difficult' economic and geopolitical environment.

The annual outlook has been maintained, as has been the case for other players in the sector, in a context of caution before the hurricane season, RBC's teams explain.

On the stock market, Swiss Re shares benefited from all these announcements and gained around 3.6% in early morning trading, well ahead of the SMI index.


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