Financial Data and Key Metrics - The company reported a net income of $2.1 billion for the first half of 2024, putting it on track to achieve the full-year target of over $3.6 billion [3][9] - The P&C Re combined ratio for the first half was 84.5%, reflecting disciplined underwriting and low large NatCat losses [9] - The Life & Health Re business reported a net income of $883 million in the first half, driven by in-force margins and recurring investment income [12] - Corporate Solutions achieved a combined ratio of 88.7% for the first half, with a full-year target of below 93% [12] - The return on investments (ROI) for the first six months was 4.0%, with a reinvestment yield of 4.8% in Q2 [13] Business Line Performance - P&C Re increased loss assumptions by 11% on top of a 13% increase last year, reflecting a more prudent approach to underwriting [5] - Life & Health Re reinforced in-force mortality assumptions to account for potential medium-term pandemic impacts, increasing the resilience of its CSM (Contractual Service Margin) [7] - Corporate Solutions saw a strong underlying performance, with a benign manmade loss experience in the first half, offset by an allowance for potential claim seasonality later in the year [12] Market Performance - The P&C Re market experienced insured NatCat losses of $60 billion in the first half, with the majority related to smaller events assumed by the primary industry [9] - The company's own losses for large NatCat events came in below $100 million, significantly lower than the budgeted $600 million [10] - Premium volume growth in the July renewals was 7%, with Property & Specialty premiums growing by 11% [11] Strategic Direction and Industry Competition - The company is focused on enhancing the overall resilience of the Swiss Re Group, with a particular emphasis on disciplined underwriting and prudent initial loss assumptions [4][6] - The exit from iptiQ is proceeding as planned, with a write-down of all related intangibles to zero in the first half results [7] - The company is committed to growing the regular dividend based on underlying earnings and will return excess capital to shareholders if deployment opportunities are limited [8] Management Commentary on Operating Environment and Future Outlook - The company remains vigilant as it enters the hurricane season, which is the most active part of the year for natural catastrophes [3] - Management emphasized the importance of maintaining a strong capital position, with the SST ratio remaining above 300% at midyear [13] - The company is optimistic about achieving its full-year financial targets, despite the uncertainties in the operating environment [9][13] Other Important Information - The company introduced a reserving uncertainty allowance across all P&C businesses to enhance reserving strength [6] - The U.S. liability reserves were increased by around $650 million in the first half, with the majority allocated to the problematic years of 2014 to 2019 [11][17] - The company expects to add another $0.5 billion to reserves during the course of the year due to the uncertainty load on new business [24] Q&A Session Summary Question: Priorities and U.S. Liability Reserves - The CEO clarified that the current situation is different from 2019, with no need for drastic actions, but the company is addressing specific focus areas [15][16] - The CFO explained that the U.S. liability reserve additions were primarily for the years 2014 to 2019, with some allocations to earlier and later years [17] Question: NatCat Reserving and Liability Reserves - The CFO discussed the low NatCat losses in the first half and the decision to set aside $300 million in IBNR reserves for potential late-reported claims [21][22] - The CEO elaborated on the reserving philosophy introduced in CorSo, which has been extended to the P&C Re business to reduce volatility [23] Question: Life & Health Re Expenses and CSM Release - The CFO addressed the increase in other expenses in Q2, attributing it to comparability challenges with 2023, and expects a more normalized number in the second half [28] - The CSM release in Life & Health Re was higher in Q2, but the company expects it to normalize over time [28] Question: Life & Health Assumption Updates and CorSo Performance - The CFO explained that the negative experience variance in EMEA was due to specific geographies and not a worrying trend [31] - The CEO noted that CorSo had some NatCat losses but remains cautious as the hurricane season progresses [32] Question: NatCat Losses and U.S. Casualty Reserves - The CFO highlighted the disciplined underwriting in P&C Re, which has reduced exposure to high-frequency events and focused on tail risk [39] - The U.S. casualty reserve additions were driven by notifications from the primary industry about increased losses, particularly in umbrella casualty and commercial motor lines [39] Question: Reserve Additions and Combined Ratios - The CFO clarified that the majority of the $650 million reserve additions were IBNR, reinforcing the overall reserving position [40] - The company will provide sub-line combined ratios for the full year, with casualty lines seeing significant price increases [40] Question: Corporate Solutions and NatCat Exposure - The CFO noted that Corporate Solutions had minimal losses from U.S. tornadoes, with most losses coming from other regions [43] - The company expects a solid performance from Corporate Solutions in the second half, with a combined ratio likely below 93% [45]

Swiss Re Ltd. (SSREY) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Individual i ...

James O'Neil Investment Thesis: I take a bullish view on Swiss Re (OTCPK:SSREY). In a previous article back in February, I made the argument that Swiss Re has the capacity for further upside going forward, owing to encouraging growth in premiums and return on equity, with a lower combined ratio across the Property & Casualty segment. Since my last article, the stock is up slightly by just over 2%, albeit having seen downside from a level of over $32 in mid-March: TradingView.com The purpose of this article ...

At this time, it's my pleasure to hand over to Elena Logutenkova, Head of Media Relations and Corporate Reporting. Please go ahead, madam. Thank you. Good morning, everyone. Welcome to our media conference call for the first quarter results of 2024. I'm joined today by our Group CFO, John Dacey and he will give you a brief overview of our results and then we'll be happy to take your questions. John, over to you. Thank you, Elena and good morning to everyone. Swiss Re had a strong start to the year, achievin ...

| --- | --- | |-----------------------------------|-------------------------------| | | | | | | | | | | Additional information on Q1 2024 | | | | First Quarter 2024 Results 13 | Financial statements Q1 2024 Income statement | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|--------|--------|-----------------------|-------------|---------------|---------------| | USD m | P&C Re | L&H Re | Corporate Solutions | Group items | Consolidation | Total Q1 ...

Poca Wander Stock Swiss RE (OTCPK:SSREF) offers a high-dividend yield that is sustainable over the long term and its current valuation seems to be undemanding. As I’ve covered in previous articles, Swiss Re’s income appeal is one of its main attractive factors, due to a combination of a high-dividend yield and a sustainable dividend over the long term. Given that Swiss Re has very recently reported its annual results, in this article I analyze its most recent financial performance and update its investm ...

Swiss Re AG (OTCPK:SSREY) FY2023 Earnings Conference Call February 16, 2024 8:00 AM ET Company Participants Christian Mumenthaler - Group Chief Executive Officer John Dacey - Group Chief Financial Officer Thomas Bohun - Head of Investor Relations Conference Call Participants Andrew Ritchie - Autonomous Kamran Hossain - JPMorgan Vinit Malhotra - Mediobanca Will Hardcastle - UBS Ivan Bokhmat - Barclays Freya Kong - Bank of America Roland Pfaender - ODDO BHF Darius Satkauskas - Keefe, Bruyette & Woods Operato ...

Swiss Re CEO Christian Mumenthaler gestures during a session of the World Economic Forum (WEF) annual meeting in Davos on January 18, 2024.Insurance giant Swiss Re on Friday reported a sharp upswing in full-year profit, benefitting from what it described as an attractive market environment after a "batch of bad years."The Zurich-headquartered company posted full-year net profit of $3.2 billion, in line with expectations according to an LSEG-compiled consensus. It marked a nearly 580% increase when compared ...

Swiss Re AG (OTCPK:SSREF) Q3 2023 Results Conference Call November 3, 2023 9:00 AM ET Company Participants John Dacey - Group Chief Financial Officer Thomas Bohun - Head of Investor Relations Conference Call Participants Andrew Ritchie - Autonomous Kamran Hossain - JPMorgan Freya Kong - Bank of America Will Hardcastle - UBS Derald Goh - RBC Tryfonas Spyrou - Berenberg James Shuck - Citi Vinit Malhotra - Mediobanca Guilhem Horvath - BNP Paribas Ivan Bokhmat - Barclays Operator Good morning or good afternoon. ...

Swiss Re AG (OTCPK:SSREF) Q2 2023 Earnings Conference Call August 4, 2023 8:00 AM ET Company Participants Christian Mumenthaler - Group Chief Executive Officer John Dacey - Group Chief Financial Officer Thomas Bohun - Head of Investor Relations Conference Call Participants Andrew Ritchie - Autonomous Kamran Hossain - JPMorgan Ivan Bokhmat - Barclays Freya Kong - Bank of America Tryfonas Spyrou - Berenberg William Hardcastle - UBS Derald Goh - RBC Capital Markets Vinit Malhotra - Mediobanca Ashik Musaddi - M ...