Swiss Re: net profit jumps 23%, reinsurance grows
(CercleFinance.com) - On Thursday Swiss Re announced that its nine-month profit rose by 23%, driven by growth in its reinsurance business and an "excellent" investment result.
The company, which operates in the same sector as Germany's Munich Re , recorded net income of 1.3 billion dollars in the first nine months of 2019, from 1.1 billion dollars for the same period a year earlier.
While the group's property and casualty businesses were impacted by 1.7 billion dollars in big claims resulting from natural catastrophes and man-made events, the life and health businesses continued to deliver a strong performance.
Net premiums earned and fee income rose by 10% year-on-year to 28.4 billion dollars, in particular driven by growth in property and casualty premiums, it added.
The group said that it maintains a "very strong" capital position, and said its combined ratio, a measure of profitability in the insurance industry which compares payouts to premiums, was 101.4%.
Yet, Swiss Re shares - which have been publicly traded since 1869 - were down over 1.5% after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The company, which operates in the same sector as Germany's Munich Re , recorded net income of 1.3 billion dollars in the first nine months of 2019, from 1.1 billion dollars for the same period a year earlier.
While the group's property and casualty businesses were impacted by 1.7 billion dollars in big claims resulting from natural catastrophes and man-made events, the life and health businesses continued to deliver a strong performance.
Net premiums earned and fee income rose by 10% year-on-year to 28.4 billion dollars, in particular driven by growth in property and casualty premiums, it added.
The group said that it maintains a "very strong" capital position, and said its combined ratio, a measure of profitability in the insurance industry which compares payouts to premiums, was 101.4%.
Yet, Swiss Re shares - which have been publicly traded since 1869 - were down over 1.5% after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.