Swiss Re Posts Increase In Q3 Profit

Swiss Re AG

reported a rise in its third-quarter profit. The company's quarterly net profit jumped to $1.23 billion, versus a year-ago profit of $1.07 billion. Earnings per share climbed to $3.59, from $3.12. Swiss Re's premium and fee income climbed to $8.31 billion, compared to $7.48 billion, in the year-ago quarter. Its annualized return on investments came in flat at 3.5%, versus the year-ago quarter. Premiums at its property-and-casualty business climbed to $4.31 billion from $3.95 billion, while net profit jumped to $842 million from $784 million. L&H Re posted net income of $160 million up from $35 million, while Admin Re posted net income of $54 million compared to $151 million. Group CFO David Cole says: "I'm pleased to report that all Business Units have again delivered a solid performance during the third quarter, contributing to an overall strong Group result. This performance was supported by a lower than expected loss burden from natural catastrophes as well as a continued improvement in the L&H operating margin. Our Group results confirm our business model is robust. We expect to continue to capitalise on opportunities as and when they arise." Swiss Re shares fell 0.60% to close at $80.70 yesterday.