Swiss Re posts solid results for first nine monthsNovember 2 2018 by InsuranceAsia News Staff
Swiss Re’s group net profit for the first nine months of 2018 was US$1.1 billion, compared to a net loss of US$468 million for the same period in 2017, meaning the firm is broadly on track to meet its 2018 financial targets.
Results were impacted by an estimated claims burden of US$1.6 billion from natural catastrophes and large man-made losses including typhoons Jebi and Trami in Japan, Hurricane Florence in the Carolinas and the Carr wildfire in the US, as well as a windstorm in Canada.
Gross premiums written for the first nine months were up 6.5% to US$28.4 billion, primarily driven by premium growth across the group’s life and health businesses.
The firm’s commercial insurance arm Swiss Re Corporate Solutions reported a net loss of US$5 million for the first nine months of 2018, a period heavily impacted by large man-made losses and natural catastrophes. Third quarter losses included the collapse of the Genoa bridge in Italy, a shipyard fire in Germany and Hurricane Florence in the US.
John Dacey, Swiss Re’s group chief financial officer, commented: “Following fairly benign catastrophe experience in the first half of the year, the claims burden of the third quarter was large for an individual quarter. The cumulative losses for the first nine months, however, are broadly in line with our year-to-date expectations.”
Meanwhile Thomas Wellauer, Swiss Re’s group chief operating officer, will retire at the end of June 2019.
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