Loading viewer...
investor_presentation
Format: PDF investor_presentation
We make the world more resilient.Half-year 2018 Results Investor and analyst presentation Zurich, 3 August 2018
resilient.Half-year 2018 Results
Investor and analyst presentation
Zurich, 3 August 2018
Half-year 2018 Results
•Swiss Re benefits from strong improvement in P&C underwriting performance and reports Group net income of USD 1.0bn;
•Estimated adverse pre -tax impact of USD 265m due to new US GAAP accounting guidance; absent this change, Group net
income of USD 1.2bn and ROE of 7.7%
•P&C Reinsurance improves underwriting profitability and enhances portfolio through year -to-date renewals; ROE 14.5%
•L&H Reinsurance continues to grow and deliver strong results; ROE 1 1.5%
•Corporate Solutions benefits from a moderately improving market environment with gross premiums written1up 18.5%; ROE
•Life Capital delivers exceptional gross cash generation and distributes dividend of USD 1.1bn to the Group; ROE 1.1%
•Swiss Re to explore potential Initial Public Offering (IPO) of its UK closed book business ReAssure in 2019
•Group investment result impacted by change in US GAAP accounting guidance while running yield remains stable at 2.9%
•Book value per share of USD 97.92 (CHF 97.21), after distributing USD 2.3bn to shareholders through dividends and share
buy-backs; execution of ongoing public share buy -back programme is on track Swiss Re delivers solid results in the first half of 2018
21Gross premiums written include premiums for insurance in derivative form, net of internal fronting for the Reinsurance Busine ssUnitHalf-year 2018 Results
31Excluding the estimated impact of the new US GAAP guidance on recognition and measurement of financial instruments which was effective for the Group as of 1 January 2018
2Excluding contingent capital instruments (USD 750m in L&H Re); basis for ROE and BVPS calculations
•Gross premiums written 9 570 7 372 2 043 1 841 - 19 589 18 145
•Premiums earned and fee income 7 701 6 389 1 918 822 - 16 830 16 204
•EBIT 1 070 708 77 79 -262 1 531 1 842
•Net income/loss 752 398 58 34 -236 1 006 1 211
•Pro-forma net income/loss1789 416 65 23 -78 1 215 -
•Net operating margin 13.0% 9.9% 3.8% 5.2% - 8.2% 9.9%
•Return on investments 2.1% 3.6% 2.2% 3.4% -3.7% 2.6% 3.5%
•Pro-forma return on investments13.0% -
•Return on equity 14.5% 11.5% 5.0% 1.1% -8.0% 6.3% 7.0%
•Pro-forma return on equity115.2% 12.0% 5.6% 0.7% -2.6% 7.7% -
•Combined ratio 92.9% - 101.7% - -
•Earnings per share (USD) 3.24 3.76
Preview truncated — download the full document for the complete content.
conference
26 Pages
investor_presentation
68 Pages
Kingsway Financial Services Inc.