Swiss Re reports 118% rise in net income

clock • 1 min read

Swiss Re has reported a 118% increase in net income in the third quarter.

The reinsurer reported a net income of US$1.3bn, compared to US$0.6bn the same time last year.

It said operating income in its Life & Health division rose by 21.8% to US$145 million (vs US$119 million). The benefit ratio improved to 83.6%. Premiums and fee income increased by 6.8% or 1.7% at constant foreign exchange rates.

The increase was largely due to growth in the Asia traditional life and health businesses and the Americas traditional life business.

Swiss Re said all segments contributed, helped by "a moderate natural catastrophe experience and positive one-offs".

Property & casualty reported an operating income of $1.0bn (2010 $1.1bn). Swiss re said this was based on strong underlying performance, further reserve releases and a better-than-expected natural catastrophe experience in the quarter.

Premiums earned increased by 18.0% or 13.1% at constant foreign exchange rates, reflecting successful renewals and new business written during 2011, particularly in Asia.

Stefan Lippe, chief executive officer, said: "I am pleased to announce another successful quarter for Swiss Re. Third-quarter Group results were excellent with a positive contribution from all segments. Our
underlying earnings power is very strong and our conservative asset management approach is proving to be appropriate in these times of heightened financial market volatility."

More on Insurer

LV= posts profitable protection business

LV= posts profitable protection business

50% increase in protection profits

Cameron Roberts
clock 25 March 2024 • 1 min read
DeadHappy closes doors to new life insurance customers

DeadHappy closes doors to new life insurance customers

Existing policies are protected

Jaskeet Briah
clock 18 March 2024 • 2 min read
EDI has a positive impact on business: CII

EDI has a positive impact on business: CII

Improving representation has the most impact

Cameron Roberts
clock 13 March 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read