Swiss Re AG, one of the largest reinsurance companies in the industry, increased its net profit by 24% in the first half of the year, which exceeded market expectations.
According to the company’s press release, its net profit in the January-June period was $2.61bn, up from $2.01bn in the same period a year earlier.
Analysts, whose consensus forecast was quoted by Reuters, had expected a profit of $2.47 billion.
Net income in the property and casualty insurance unit rose 23% to $1.22bn, while the life and health insurance unit’s net income fell 5% to $839m.
The reinsurer’s average return on equity (ROE) was 23% year-on-year, up from 19.6% a year earlier.
Swiss Re share prices are up 1.2% during trading on Thursday. Since the beginning of the year they have increased by 16.2%.