Swiss Re replaces finance boss
REINSURANCE giant Swiss Re has exceeded analyst expectations and posted strong results for 2013.
The group yesterday reported a 34 per cent increase in net profit in the fourth quarter of the year to $1.2bn (£720m), up from $795m in the previous year.
Alongside its results, Swiss Re also announced the appointment of its new finance chief David Cole, currently chief risk officer. Cole replaces George Quinn who is leaving to join rival Zurich.
Chief executive Michel M Lies said: “All business units contributed to this excellent result. We are very happy that we have achieved so much in financial terms in our anniversary year and, while we are well aware of the challenges ahead, we look forward to 2014 with confidence.”
Overall net profit for 2013 was $4.4bn compared to $4.2bn in 2012.