Swiss Re has announced strong profits in all Business Units, with Life and Health Reinsurance delivering a particularly strong increase in profitability. The re-insurer suggested that the performance was benefited by strong underwriting, reserve releases and the absence of major natural catastrophes. The headline figures are as follows;
- P&C Re delivers strong net income of USD 3.0 billion; ROE of 22.2%
- L&H Re delivers strong increase in profitability; meets ROE target
- Corporate Solutions net income 6.6% higher; ROE 14.8%
- Admin Re® net income of USD 422 million; part of Life Capital as of 1 January 2016
Swiss Re have introduced two new Group financial targets for 2016. Firstly, the company targets a “700 basis point ROE above the risk-free rate” over the cycle; and, in addition, the company aims to “grow economic net worth per share by 10% per year”.
Swiss Re have also announced that CEO, Michel M. Liès is set to retire in June 2016, to be replaced with Christian Mumenthaler, who is currently CEO of Reinsurance. Michel has been with Swiss Re for 35 years, and in a statement expressed that it had been “an honour and a privilege to work for this great company”.
For the full press release, click here.