Swiss Re Group reached USD 953 million net income in the first six months of 2019, owing the achievement to strong Reinsurance performance and investment results.
SAP has expanded its joint co-innovation initiative with Swiss Re Group, one of the world’s leading providers of reinsurance, insurance and other insurance-based forms of risk transfer headquartered in Zurich, Switzerland. Now, the insurance giant provides software that goes beyond accounting to include simulation, forecasting and planning capabilities essential in supporting businesses’ financial analysis.
In 2017, SAP and Swiss Re have started co-innovating to better the insurance industry landscape. The initial objective was to manage increasingly complex financial steering and reporting requirements by creating an innovative multi-GAAP solution. This included the IFRS 17 and 9 compliance affecting insurance companies worldwide.
Gerhard Lohmann, Swiss Re Reinsurance CFO, said:
“I am very proud of how much the Swiss Re and SAP teams have rapidly achieved to produce this next shipment. Bringing key functionality into the system, along with the addition of forecasting, planning, and simulation brings greater financial steering capabilities.”
According to Lohmann, the thought leadership on multiple-valuation and IFRS that they have applied as part of the co-innovation has been well received throughout the industry.
Luka Mucic, SAP CFO and member of the Executive Board of SAP SE stated:
“Our close partnership with Swiss Re has helped us create an exceptional customer experience across the insurance and financial sectors. This next stage of co-innovation with Swiss Re means increased guidance, transparency and support across financial projects for our customers.”
Mucic emphasized that the initiative is a remarkable effort to enable beyond the accounting projects on the German ERP software giant’s SAP S/4HANA platform.
About Swiss Re Group
Founded in 1863, the Swiss Re Group operates through a network of around 80 offices worldwide with approximately 14,500 employees providing a wide range of technical expertise that enables the organization to develop unique solutions and drive growth.
Swiss Re is organised into three Business Units such as Reinsurance, Corporate Solutions, and Life Capital. Each unit has a distinct strategy and set of objectives contributing to the Group’s overall mission.
‘We’re smarter together’ is the 150-year-old insurance giant’s brand promise to its stakeholders.