August 1, 2019 09:30
Photo : Freepik
The reinsurer Swiss Re has posted a net profit of 953 million u.s. dollars (US$ M) in the first six months of the year 2019. This is a decrease of 5 % compared to the first six months of the year 2018, during which period the net income of one billion us dollars (G$ US).
The sector of enterprise solutions in free fall
The sector of enterprise solutions recorded a net loss of$ 403 MILLION USD. This represents a drop of 795 % compared to the first half of 2018, as Swiss Re reported net income of 58 MILLION US$ for this period.
As for the combined ratio, it is 132,8% in the first half of 2019, compared to 101,7 % in the last year for the same period. These results are attributable to “decisive action taken by management to reposition the company,” explains Swiss Re.
Net income increase in reinsurance
The net profit for the activities of reinsurance group of 771 MILLION US$ in the first half of 2019. It is up 2.5 % compared to the first half of 2018, when net income was $ 752 MILLION US$. The combined ratio is also increasing. He reached for 100.5 %, vs. 92.9 % in the first half of 2018.
The disasters that occurred in the beginning of the year, such as the crash of the Boeing 737 max of theEthiopian Airlines , or even the major floods in the north-east of Australia, have had an adverse effect on the results of the first quarter of 2019, reminiscent of Swiss Re.
On the side of the life reinsurance business, the net profit reached$ 459 MILLION US in the first half of 2019. It is up 15 % compared to the first half of 2018, when the net profit was 398 MILLION US$. This increase is primarily due to the active management of the portfolio as well as the improvement of the evolution of mortality in the Americas, said Swiss Re.