The world's second-largest reinsurer, Swiss Re, recorded unexpectedly high profits in the first half of 2024. Thanks to low impact from major claims and successful investments, the company achieved a profit of 2.1 billion US dollars (1.9 billion euros). This significantly exceeded analysts' expectations and was also above the previous year's result of 1.8 billion US dollars.

The positive news was well received on the stock market. The Swiss Re stock increased by 4.55 percent on the SIX, trading at 115.95 Swiss Francs, leading the SMI index. Shares of German competitors Munich Re and Hannover Re also recorded price gains.

Especially noticeable was the low impact of natural disasters, which cost Swiss Re less than 100 million USD in the first six months of the year. The most significant damage events included floods in the United Arab Emirates, a cyclone in Australia, and an earthquake in Japan. The collapse of a highway bridge in Baltimore, USA, also caused costs but remained under the 100-million-dollar mark.

At the beginning of the year, Swiss Re switched its accounting to the international IFRS standard, improving comparability with German competitors. Revenue for the first half-year amounted to 22.5 billion USD under the new rules, compared to 21.8 billion USD in the previous year.

In the property and casualty reinsurance (P&C Re) segment, the combined ratio was 84.5 percent, exceeding analysts' expectations. This figure indicates that the expenses for claims, administration, and sales relative to revenue were better than projected.

There are currently some changes in the company's executive suite. Andreas Berger, a former Allianz manager, took over company management from Christian Mumenthaler on July 1. CFO John Dacey will be replaced at the end of March 2025 by Anders Malmström, who currently oversees finances for the life insurance run-off manager Athora.

The new CEO Berger sees Swiss Re on track to achieve its annual targets and continues to aim for a corporate profit of over 3.6 billion US dollars for 2024. Additional financial goals will be announced in December.

Here is the translation of the heading to English:

**JPMorgan has kept its rating for Swiss Re at "Overweight" with a price target of 135 francs after the published figures. Analyst Kamran Hossain particularly praised the net result of the second quarter, which was 8 percent above market expectations.**