Swiss Re Posts $4.4 Billion income for 2013

Swiss Re published net income of $4.4 billion for 2013. The income record stated the “result changed into driven by way of sustained, high profitability in assets and Casualty Reinsurance and very good performances by means of corporate solutions and Admin Re®. existence and health Reinsurance delivered a reduced profit due to reserve strengthening in Australia.”

Swiss Re said its Board of directors “will advocate a normal dividend of CHF 3.eighty five consistent with share and, similarly, a special dividend of CHF 4.15 consistent with percentage [$4.32 and $4.66 respectively].”

Michel M. Liès, Swiss Re’s organization chief government Officer, commented: “All business devices contributed to this incredible result, with a particularly strong overall performance from p.c Re and continued worthwhile growth from corporate answers. we're very happy that we've performed a lot in financial terms in our anniversary yr and, at the same time as we are well aware of the demanding situations ahead, we sit up for 2014 with confidence.”

The document noted the subsequent profits highlights:

— internet earnings was $4.four billion in 2013 ($4.2 billion in 2012).

— top rate and rate earnings grew via thirteen percentage to $28.8 billion ($25.four billion in 2012.

— strong underwriting from prior years contributed to the robust overall performance by way of the percent corporations, as well as some of one-off tax advantages throughout the organization and reserve releases totaling $1 billion.

— internet investment earnings, profits from alternative investments and realized profits from sales contributed to the sturdy investment result of $four.3 billion for the year, with a return on investments of three.6 percentage (four.zero percentage in 2012). The funding end result includes the contribution from main Investments, a dedicated unit to generate long-time period financial cost via investments in insurance-associated corporations.

— The institution combined ratio was great at eighty five.three percentage. Adjusting for prior-12 months reserve releases and lower than expected herbal disaster losses, the underlying blended ratio for the year changed into ninety four.6 percentage.

Swiss Re additionally announced that David Cole has been appointed as new organization CFO, and Susan L. Wagner has been proposed to be elected to Swiss Re’s Board of administrators