Analyst Note| Henry Heathfield, CFA |
Swiss Re has reported a low net income number for the first half of 2022, and this has been driven by the continued large loss environment. Net income for the interim came in at USD 157 million, well below what was estimated by consensus. Swiss Re’s top line looks robust, growing by midsingle digits. However, July 29's results include USD 983 million of natural catastrophe claims within the property and casualty reinsurance division, USD 283 million of reserves established for the war in Ukraine, mainly booked in the first quarter of this year, and USD 540 million of coronavirus-related claims that again were mainly booked in the first quarter this year.