Swiss Re records $1bn profit despite losses from hurricanes and typhoons
Reinsurer Swiss Re said it had recorded a profit of $1.1bn (£850m) for the first nine months of the year, despite an expected $1.6bn claims burden from man-made and natural catastrophes.
Last year at the same period it suffered a $468m loss from the impacts of major disasters.
Gross premiums roses 6.5 per cent to $28.4bn and return on equity was 4.7 per cent.
Swiss Re’s chief executive Christian Mumenthaler said: “During the third quarter, we once again witnessed a series of natural catastrophes and large man-made disasters that devastated lives and disrupted businesses, particularly in Japan and in the US. The situation continued to be challenging in the US, with the landfall of hurricane Michael in October.”
Its property and casualty reinsurance group reported a net profit of $634m which was impacted by large loss events.
Its life and health reinsurance business recorded net profit of $644m and continued gross premium growth
However, its corporate solutions group had a loss of $5m which it blamed on “large loss events”.
It cited typhoons Jebi and Trami in Japan, hurricane Florence and the Carr wildfire in the US, and a windstorm in Canada as having had a particular impact on claims.
Its share price rose 1.36 per cent.