Swiss Re has reported a consolidated group first-half net income of $US1.05 billion ($1.4 billion) as the business makes a strong recovery from the corresponding period of last year, when it lost $US1.14 billion ($1.6 billion).

Its property and casualty (P&C) reinsurance arm achieved net income of $1.25 billion ($1.7 billion), erasing the $US519 million ($707 million) lost in the corresponding half last year.

Excluding COVID impacts, the P&C arm made net income of nearly $US1.28 billion ($1.74 billion), almost double the amount it made a year earlier.

Its combined ratio improved to 94.4% from 115.8% and if pandemic-related effects were excluded, the ratio came in at a better 93.9% compared with 100.5% a year earlier.

Swiss Re says its P&C results for the June half came amid “diminishing COVID-19 related impacts”.

“The focus on portfolio quality at P&C Re is delivering very strong results, and we are reaping the fruits of our decisive actions that brought Corporate Solutions back on track,” Group CEO Christian Mumenthaler said.

“All our businesses are growing, and our very strong capital position allows us to pursue attractive opportunities across all lines of business.”

P&C net premiums earned in the June half increased to $US10.45 billion ($14.2 billion) from $US9.6 billion ($13 billion).

Natural catastrophe losses were largely in line with expectations, coming in at $US521 million ($709 million). They were mainly related to US winter storm Uri in the first quarter, while large man-made losses amounted to $US100 million ($136 million).