Swiss Re: posts quarterly profit, despite disasters
(CercleFinance.com) - Swiss Re, the world's second-biggest reinsurer, has reported nine-month net income of 1.
1 billion dollars, compared to a net loss of 468 million dollars a year ago, despite an estimated claims burden of 1.6 billion from natural catastrophes and other events over the period.
While the group's property and casualty results were particularly badly hit by natural catastrophe, its life and health unit continued to deliver a strong performance, the company said.
The unit posted net income of 644 million dollars, with continued growth in gross premiums, Swiss Re pointed out.
After these results, the Zurich-based reinsurer's shares were up 1.4% at 92.2 Swiss francs, outperforming the STOXX Europe 600 Insurance index, which is up 0.6%.
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