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.
Headlines Newsview all
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 ...
Rate this article
- Billboard In India Mistakes Morgan Freeman For Nelson Mandela
- 7 And 10-Year-Old Michigan Boys Honored For Turning In A $100 Bill They Found In The Park
- Shaunie O’Neal Refutes Shaq’s Claim That He Didn’t Want Kids In Reality Show
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 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 ...
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
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
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 ...
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
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 ...
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
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 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 ...