(fxcue news) - Shares of Swiss Re Ltd. were gaining more than 3 percent in the morning trading in Switzerland after the reinsurer reported Thursday higher profit in its first half with improved insurance revenues, supported by strong contributions from all business units. Swiss Re's Group Chief Executive Officer Andreas Berger said, "After a strong start in the first half of this year, we maintain our 2024 targets, including Group net income of more than $3.6 billion. 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." For the full year, Life&Health Reinsurance or L&H Re continues to target a net income of around $1.5 billion. In its first half, Swiss Re reported a net income attributable to shareholders of $2.09 billion, higher than prior year's $1.79 billion. Earnings per share were $6.97 or 6.19 Swiss francs, compared to $5.87 or 5.36 francs a year earlier. Swiss Re reported a profit of $996 million in the second quarter of 2024. According to the firm, the main drivers for the positive result were disciplined underwriting, low natural catastrophe claims and strong investment income. Property&Casualty Reinsurance or P&C Re generated attributable net income of $989 million, compared to $973 million in the prior-year period. L&H Re net income climbed to $883 million from $604 million last year, reflecting positive US mortality experience and higher investment income, partially offset by unfavourable developments in the EMEA region. Swiss Re's insurance revenue increased to $22.48 billion for the first half from $21.78 billion in the same period last year, driven by a strong contribution from L&H Re, including a positive one-off impact and disciplined growth in both P&C businesses. The insurance service result, which reflects profitability of the underwriting activity, was $2.86 billion, slightly higher than $2.81 billion a year ago. P&C Re's insurance revenue declined to $9.78 billion from prior year's $9.85 billion. Price increases and targeted growth in property and specialty were partially offset by the continued pruning of casualty lines, the company noted. L&H Re Insurance revenue, however, grew to $8.69 billion from $8.17 billion in 2023, supported by strong contributions from mortality business in the US, as well as by longevity and critical illness businesses. In Swistzerland, Swiss Re shares were trading at 114.65 francs, up 3.4 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.