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P&C continues to boost Swiss Re quarterly profits

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Reinsurance giant Swiss Re's quarterly profits were once again boosted by growth in the property and casualty (P&C) segment, as net income from the life and health (L&H) division fell steeply year-on-year for the secondconsecutive quarter.

Swiss Re posted second quarter net income of US$802mn, up from US$786mn in the year-ago period, according to the group's latest financial results release, while total premiums came to US$7.560bn, up 11.3%.

The P&C segment delivered net income of US$553mn, up 22%, while premiums rose 12.3% to US$3.560bn.

Meanwhile, net income in the L&H segment fell 68.8% to US$48mn, with premiums reaching US$2.895bn, up 15.8%.

Corporate solutions delivered premiums of US$841mn (up 22.6%) and net income of US$66mn, up from US$55mn in the year-ago quarter.

Admin Re saw Q2 premiums fall 40% to US$264mn, while net income from the unit came to US$117mn, up 7.34%.

Consolidated ROE was 9.7% meanwhile, down from 10.0% in 2Q13.

The July treaty renewal premiums volume grew 8%, said Swiss Re, adding that it wrote less nat cat business but did so at "attractive" price levels.

"We see the insurance market generally softening," said CEO Michel Liès, adding "[but] thanks to our leading position we continue to take advantage of opportunities as they arise – for example in high growth markets."

Swiss Re is one of the largest reinsurers in the world and has been present in Latin America since 1911.

Article Credit: Bnamericas

Updated 5 Years ago

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Tags:     P&C     L&H     Swiss Re     Admin Re     Michel Liès