Reinsurer noses back into profit as reinsurance rates rise
Swiss Re announced it was back in profit with Q1 net profit of CHF150m, down from the CHF0.6bn this time last year.
Financial highlights (2008 Q1 in brackets)
- Net profit of CHF150m (CHF 0.6bn)
- Net unrealised investment losses of CHF2.1bn
- Property & Casualty operating income of CHF1.0bn
- Combined ratio of 90.2%
- Life & Health operating income CHF 280m (CHF 17m)
- Benefit ratio 86.9% (91.3%)
CEO Stefan Lippe said: “It will take some time to reduce the asset risk in our portfolios, and we may suffer volatility in the process. However, we see increased demand and reduced capacity in the (re)insurance market driving prices higher. Swiss Re is in a strong position to seize such market opportunities.”
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