Admin Re US sale boosts Swiss Re results

// News | General | Admin Re US sale boosts Swiss Re results
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font

Swiss Re has reported a net income of $2.2bn in the third quarter of 2012, up from $1.3bn in the prior year quarter. The strong profit was aided by a one-off gain from the sale of the Admin Re US business, which contributed $626m to the result, www.insurancetimes.co.uk reported on Friday.

“We have achieved very good financial results in a volatile environment,” said Swiss Re chief executive Michel Liès. “A low large loss burden and the one-off gain from the sale of the Admin Re US business in the quarter undoubtedly helped, but the excellent performance in P&C Reinsurance shows that our underlying business continues to perform strongly.”

The reinsurer said it was too early to make a reliable claims estimate for Superstorm Sandy, which made landfall in New Jersey on 29 October. “Estimating claims is particularly complex due to the combined impact of prolonged power outages, disruptions to public transport and damage to other infrastructure,” it noted.

Group premiums earned and fee income increased by 11 per cent in the third quarter to $6.6bn, up from $5.9bn in Q3 2011. The group’s combined ratio was 72 per cent, compared to 85.3 per cent in Q3 2011. Investment income was $1bn.

Net income in P&C reinsurance was $1bn, up from $731m. Premiums earned increased by 15 per cent to $3.3bn. The result was helped by reserve releases and a very benign claims environment in the quarter with comparatively low losses from natural catastrophes, noted Swiss Re in its earnings statement.

Reflecting the low catastrophe activity the Q3 combined ratio for P&C reinsurance was 69.3 per cent, compared to 81.5 per cent.

Tagged : No tags for this article

Headlines Newsview all

Breaking News: Militants Kill 30 People In Lagos

Confirmed news from Ikorodu,Lagos have it that suspected pipeline vandals,militants invade Igbo Olomu and Ishawo Community. Another source confirmed that about 30 people have been ...

Fogery Scandal: AGF Snups Senate Invitation

The Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami (SAN) has replied to the claim by the Senate President, Bukola Saraki, ... Full story

Ortom Cancels LG Election, Says ?No Money?

Benue State Governor, Samuel Ortom, has told people of the state to forget local government election for now. The Benue State Independent Electoral Commission (BSIEC), had ... Full story

New IGP Orders Officers To Declare Assets

All officers from the rank of Assistant Superintendent of Police (ASP) to Inspector-General of Police, will henceforth declare their assets, the Acting Inspector-General of Police, ... Full story

BREAKING NEWS: British PM, David Cameron Resigns After Britain Votes To Leave European Union

In a statement outside Downing Street, he said he would attempt to "steady the ship" over the coming weeks and months but that "fresh leadership" ... Full story

New Niger Delta Militant Group Emerges (Asawana Deadly Force Of Niger Delta), Demands Sovereign State

President Muhammadu Buhari’s recent efforts to bring succour to the crisis ravaged oil rich Niger Delta region may witness yet another hindrance as a new ...

N4.7 Billion Election Cash: EFCC Traces Three Mansions To Fayose?s Associate

The Economic and Financial Crimes Commission( EFCC) has traced three posh houses to an associate of Ekiti State Governor Ayodele Fayose. The houses, one in Abuja ...

Nigerian Army Denies Plan Of Military Coup Aimed To Overthrow President Buhari

The Army has said its current setting is a product of democratic settings. It denied planning to overthrow President Muhammadu Buhari’s government. It also described the recent ...

Sex Scandal: Samuel Ikon Writes US Ambassador And Threatens Legal Action

A member of the House of Representatives, Samuel Ikon, who was accused of illegally soliciting for prostitutes, alongside two other lawmakers while in the United ...

Nigeria Will End Fuel Importation In 2019 Says Kachikwu

Minister of State for Petreleum Resources Dr Ibe Kachikwu yesterday said Nigeria would end fuel importation by 2019. He said it requires $50billion dollars to fill ...

Omisore Challenge EFCC: Bring Your Findings To Court

A former Deputy Governor of Osun State, Otunba Iyiola Omisore, yesterday urged the Economic and Financial Crimes Commission (EFCC) to bring all the findings against ...

Comment on: Admin Re US sale boosts Swiss Re results

Rate this article

0

Breaking News

Wow! See How 'The Rock' Dwayne Johnson Showed Love To Nollywood Actress, Stella Damasus

Nollywood actress, Stella Damasus blushed like a newly crowned princess after famous celebrity and former wrestler Dwayne Johnson showed some love on her by replying ... Full story

West Ham Make A Sensa Batshuayi Bid

West Ham have made a €35m bid for Marseille striker Michy Batshuayi, according to reports. The Hammers' offer was worth around £28.25m at 9am on Friday ...

SO SEXY: Paul Okoye's Female Music Act Exposes Flat Tummy During Interview

Paul Okoye's signing, Lucy, continued her radio tour after her new banging song which featured reggae artiste, Cynthia Morgan. The singer was recently at Rhythm FM, ... Full story

Newly Born Again Actress, Patience Ozokwor Spotted Ministering At A Church In Lagos

Popular veteran actress, Patience Ozokwor, who recently turned a born-again christain, has been pictured recently ministering to a congregation at an Anglican Church in the ... Full story

Valdes Offered To Everton

Released Manchester United goalkeeper Victor Valdes is eager to stay in England. Valdes, after being allowed to come off contract at United, has been linked with ...

See What Man Who Accused Actor Van Vicker Of Having S3x With His Wife Is Now Saying

Dr. Bartum Kulah, based in Atlanta, Georgia, United States of America who had accused popular Ghollywood/Nollywood actor, Van Vicker of having a sexual affair with ... Full story

Falcao Undergoes Medical With Monaco

Radamel Falcao has undergone a medical at parent club AS Monaco. The Colombian striker endured a difficult two-year loan spell in the Premier League and now ...

Burna Boy's Alleged Babymama, Uju Stella Sparks 'Abortion' Rumours In New Photo

Few months ago, the social media was set abuzz after a pregnant lady on Instagram identified as Uju Stella, claimed that popular singer, Burna Boy ... Full story

Euro 2016: I Let England Goalkeepers Know Where I Play My Penalties

England skipper Wayne Rooney has revealed that he is developing his penalty-taking skills by telling the English goalkeepers which way he is going to shoot. The ...

Arsenal To Bid For Carrasco If Mkhitaryan Pursuit Fails

Arsenal could rekindle their interest in Atletico Madrid winger Yannick Carrasco, according to reports. With Gunners target Henrik Mkhitaryan reported to be on the verge of ...