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ZURICH, SwitzerlandSwiss Reinsurance Co.'s embedded value profit in its life and health business soared 85% to 1 billion Swiss francs ($822 million), largely from contributions by the reinsurer's GE Insurance Solutions unit that was acquired last year.
The Zurich-based reinsurer defines embedded value as an estimate of its life insurance operations excluding future new business. It is a calculation of the estimated present value of future regulatory profits from in-force business, plus the value of free surplus and required capital, less the cost of holding solvency capital.
Swiss Re said that value added by new business, continuing favorable mortality experience and a higher return on policies have caused life and health embedded value earnings to grow by 38% to 2.4 billion Swiss francs ($1.9 billion) in 2006.
"The acquisition of GE Insurance Solutions, which closed in June 2006, contributed strongly to the increase in embedded value and close to 100% of the business was retained," Swiss Re said in a statement. "New business value of 664 million Swiss francs ($545.6 million) was driven by the GE Life U.K. acquisition, which closed in December 2006, and the effect of higher margins in the traditional life business, reflecting pricing actions and a favorable change in the mix of business," the reinsurer pointed out.