Swiss Re profit slides in tough market
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Swiss Re Ltd. on Thursday reported third-quarter net income of $1.2 billion, down about 14% from a year ago due to a challenging market and agricultural losses in Europe.
Property/casualty reinsurance net income dropped 32% to $678 million, Swiss Re said, due to a series of agricultural losses in Europe, lower prior-year development and a softening market. Net premiums earned rose 12.5% to $4.6 billion, while the combined ratio deteriorated to 87.9% from 77.7%.
Swiss Re’s corporate solutions unit reported net income of $95 million, up 6.7% from a year ago. Net premiums earned increased by 7.3% to $854 million. The combined ratio rose to 94.7% from 90.1% a year ago.
Premiums earned and fee income for the consolidated group increased 9.6% to $8.6 billion.
“Even in this difficult environment, we continue to invest in our business and our research and development,” including “the continued expansion of our Corporate Solutions footprint ,” Swiss Re Group Chief Financial Officer David Cole said in a statement.
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