Swiss Re has announced net income of approximately £128.9m and a return on equity of 1.6% for the first half of 2022, compared with a net income of £820.8m and a return on equity of 8.2% for the same period in 2021.

Christian Mumenthaler, group chief executive officer at Swiss Re, said: “After a challenging start to the year, Swiss Re returned to profitability in the second quarter. This was supported by strong results in Life & Health Reinsurance and Corporate Solutions, as well as robust underwriting performance in Property & Casualty Reinsurance.”

John Dacey, group chief financial officer at Swiss Re, added: “Rising interest rates are clearly positive for the re/insurance sector, and we are starting to see the benefits come through in our recurring income yield. With respect to inflationary trends, we remain vigilant and are taking appropriate actions, including increasing the pricing of new business and the related initial loss expectations.”

Swiss Re said its return to profitability in the second quarter of 2022, was driven by a net income result of £332.4m. It said the first quarter was hit by negative impacts from the financial market downturn, the COVID-19 pandemic and reserving for the war in Ukraine.

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