Swiss Re

Swiss Re warns, in light of severe wildfires in Europe, for higher insurance penetration; Andreas Berger cautions that risks have long been underestimated and many households are inadequately covered. Insured losses from wildfires in Europe have been estimated to rise by eight to eleven percent annually in recent years, while populations near fire-prone areas have grown significantly. Swiss Re raised profit in the first half to $2.8 billion and expects to meet its annual target of at least $4.5 billion, but views the market environment as challenging due to falling reinsurance premiums. The group has increased its cost-cutting target to $500 million by 2028, but currently plans no staff reductions. » Plus sur handelsblatt.com

Swiss Re reports a net profit of $2.8 billion for the first half, nine percent higher than a year earlier, and under CEO Andreas Berger is targeting an annual profit of at least $4.5 billion. In property and casualty business, however, price declines persisted: renewals in June and July were down 1.2 percent nominally and down 5.3 percent adjusted for inflation and changes in risk (a 4.6 percent decline since the start of the year). Insurance revenue fell three percent to about $20.3 billion, while Swiss Re raised its cost-cutting target to $500 million in savings by 2028. » Plus sur finanzen.net

Swiss Re saw a slight decline of about 0.3 percent in early trading, leaving the stock rangebound between roughly 130 and 140 francs. The reinsurer beat earnings expectations for the first half but left its profit guidance for the year unchanged. Analyst reactions were muted; RBC described the figures as mixed, with better-than-expected net income but weaker revenues. » Plus sur finanzen.net