Swiss Re: strong results in spite of challenging Q2

Revealing its results for the first half of 2016, Swiss Re reported net income of $1.9bn. 

In a period marked by natural catastrophes, political uncertainty and volatile financial markets, the firm’s strong results include reinsurance’s net income supported by large and tailored transactions, which made significant contributions to both the Life & Health and Property & Casualty Reinsurance segments. 

As stated in a press release issued today, net income in P&C Re was impacted by a number of larger natural catastrophes in the second quarter of 2016, including the wildfires in Canada, earthquakes in Japan and floods in Europe. 

Swiss Re’s new group chief executive Christian Mumenthaler said: “We have a solid result for the first half 2016 despite a challenging second quarter that was marked by a difficult macroeconomic environment as well as more pronounced natural catastrophe losses and large reported claims in our Corporate Solutions Business Unit.” 

He added: “The overall picture confirms the strength of our brand, while demonstrating our outstanding client access. These attributes and the focus on underwriting discipline together with our excellent capitalisation will help us navigate, and potentially benefit from, the turbulent times.”