Swiss Re says net income jumped to $US2.1 billion ($3.09 billion) in the first half, helped by low natural catastrophe claims, strong investment income and disciplined underwriting.

The result was up from $US1.8 billion ($2.65 billion) a year earlier.

Large natural catastrophe losses of $US138 million ($203.03 million) were down from $US634 million ($932.76 million) and were mainly driven by Tropical Cyclone Megan, which crossed the north Australian coastline in March, and the Noto earthquake in Japan.

At July’s property and casualty reinsurance renewals, an overall price increase of 8% was achieved on $US4.5 billion ($6.63 billion) of treaty premium volume renewed; volume was up 7% compared with the business that was up for renewal.

“Based on a continued prudent view on inflation and updated loss models, loss assumptions increased by 10%,” Swiss Re said.

Group CEO Andreas Berger says the business is on track to meet its full-year target of net income above $US3.6 billion ($5.3 billion).

“After a strong start in the first half of this year, we maintain our 2024 targets,” he said. “Amid a challenging macroeconomic and geopolitical environment, we continue to focus on disciplined underwriting to maintain and, where possible, improve the resilience of our portfolios to enable delivery of consistent results.”

P&C reinsurance net income was $989 million ($1.46 billion) in the half, helped by the low large natural catastrophe claims. The division’s revenue was $9.8 billion ($14.42 billion) and the combined operating ratio was 84.5%; for the full-year, Swiss Re is targeting below 87%.

Swiss Re Corporate Solutions, the commercial insurance arm, posted net income of $435 million ($640.18 million), while insurance revenue was $3.8 billion ($5.59 billion) and the combined operating ratio 88.7%.

Life and health reinsurance net income totalled $883 million ($1.3 billion), helped by a positive US mortality experience and higher investment income.