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

Boko Haram - 'Chibok girls would surely be released on Monday'

Self acclaimed secretary General of Boko Haram, Mallam Danladi Ahmadu have said that the group’s cases fire agreement with the Federal Government is very much ...

Adebambo Adetunji, Pastor In Ilorin Arrested For Snatching Cars At Gunpoint

A district pastor of a church in Ilorin, the Kwara State capital, has been remanded by a Lagos Magistrate’s Court sitting in Ikeja. The 37-year-old pastor, ... Full story

Rivers State Governor Rotimi Amaechi Says Corruption In Nigeria Is Uncontrollable

Rivers State Governor, Mr. Rotimi Amaechi, has described the level of corruption in Nigeria at the moment as uncontrollable. Amaechi, who is also the Chairman, Nigerian ...

Boko Haram frees 45 women recently abducted

There are reports that the Islamic violent group, Boko Haram has reportedly freed about 45 women recently abducted from Waga Mangoro and Madagali villages between ...

Boko Haram Kidnaps 40 More Young Girls

Fresh reports filtering in from Adamawa State has it that another set of 40 girls have been abducted by the outlawed Islamic sect, Boko Haram. The ...

Nigerian Dominic Adesanya Arrested After He Jumped the White House fence and ran onto the North Lawn

A Maryland man jumped the White House fence and ran onto the North Lawn before being subdued Wednesday night. Dominic Adesanya, 23, stood on the North ... Full story

Jealous Boyfriend Warns President Obama - Video

A voter standing beside President Barack Obama as he was casting his early ballot for the 2014 midterm elections in Chicago warned the Commander-in-Chief: 'Don't ... Full story

Father abandons his three children in boarding school for eight years

Three children abandoned in a boarding school in Abule-Iroko in the Ado-Odo Ota Local Government Area of Ogun State are longing to meet their parents ... Full story

University Students Storm Lagos Club To Strip Dance For Money

Cave night club could have passed for any other club but it is not like any other in Nigeria. It is a strip club where ... Full story

Oscar Pistorius sentenced to 5 years in prison for the manslaughter of his girlfriend Reeva Steenkamp

There was almost complete silence in the courtroom as Oscar Pistorius was sentenced to five years in jail for the manslaughter of his girlfriend Reeva ...

Popular Musician Feyisayo Mojisola Oyetade Dies On Child Naming Ceremony Day

A popular hip-hop singer has died on the naming day of her 8-day-old baby boy. The singer, Feyisayo Mojisola Oyetade, who is a popular singer in ... Full story

Comment on: Admin Re US sale boosts Swiss Re results

Rate this article

0

Featured author

Paula Obiewkwe

Breaking News

Between Men and Women, Who is Favouring who.....Actress, Dayo Amusa Ask

Dayo Amusa is one of the big fishes in the waters of the Yoruba Movie industry. She tops the list of the roll call of ...

Waiting To Hear My Wedding Date Will Be Impossible…….Omawwunmi

Do you have a story/gist for publication? Please email it to story@nigeriafilms.com d | 10/24/2014 4:01:11 PM [b] M. T N is in trouble...hey guys here is ...

17 ships berth in Lagos with palm oil, rice

The Nigerian Ports Authority has stated that 17 ships, carrying crude palm oil, rice, frozen fish and other food items, will berth at Lagos ports ...

I Don’t Care What Anybody Says About My Thickness and Extra Body Bits…Sound City Vj, Moet Abebe

One TV station that stands out so well because of its strive in promoting Nigerian and African music videos, no doubt is sound city. If ...

Ebola: Enyeama seeks AFCON 2015 postponement

Nigeria skipper Vincent Enyeama has said next year’s African Cup of Nations be shifted because it may be too risky to stage the competition on ...

Microsoft co-founder pledges $100m to fight Ebola

Microsoft co-founder Paul Allen has pledged to increase his commitment to fight the Ebola epidemic to 100 million dollars. The money was earmarked to pay for ...

Nigeria risks FIFA ban as court nullifies NFF election

Nigeria is in danger of another FIFA ban after a court ruled that elections that ushered in Delta FA chairman Amaju Pinnick as president of ...

I am Lacking Behind in Nollywood Because of My Poor English……….Madam Saje

Nollywood actress, Fausat Balogun popularly known as Madam Saje, may have done well for herself in the Nigerian Yoruba movie industry, but she is still ...

Nobody Can Touch My African Queen………..2Baba Reveals

Tuface Idibia has disclosed in an interview that getting married to Annie Macaulay was not easy and indescribable as he would have gotten injured if ...

Jonathan charges Falcons to defeat Cameroon

President Goodluck Jonathan on Friday charged the Falcons to go all out and defeat Cameroon in the final match of the ongoing African Women’s Championship on ...