...The four largest European reinsurers ¡ Munich Reinsurance Company (Munich Re), Swiss Reinsurance Company Ltd (Swiss Re), Hannover Rueck SE (Hannover Re), and SCOR SE (SCOR) ¡ reported very strong average return on equity of 15.5% in 1H24, albeit slightly down from 20.5% in 1H23. Standing as an outlier within, SCOR reported a loss resulting from adverse changes in its life and health (L&H) reserving assumptions. Munich Re, Swiss Re and Hannover Re, reported further improvements in earnings from already strong levels in 1H23, driven by better underwriting results across most business lines. Higher return on investments was supportive of earnings for all reinsurers in the peer group. The credit profiles of the four reinsurers remain unchanged in the `AA' and `A+' range. Fitch Ratings believes the group is well placed to face potentially less favourable market conditions in the next 12 to 24 months....
