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Investments aid rise in Converium's profits

Sarah Veysey

April 30, 2004 Reprints

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ZUG, Switzerland--Converium Holding A.G. reported net income of $65.7 million for the first quarter of 2004, a 157.6% increase over the comparable period last year.

The Zug, Switzerland-based reinsurer said in a statement that the increase stemmed, in part, from a 69.3% rise in investment income, which increased to $81.1 million for the quarter.

Converium also noted that it added $42.0 million to its nonlife prior-year reserves in this year's first quarter.

The reinsurer's gross premiums written totaled $1.38 billion for the quarter, up 9.5%. Its nonlife combined ratio was 96.4%, down from 98.1%.

Converium was formerly known as Zurich Re.

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Investments aid rise in Converium's profits

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