Swiss Re Ltd., the world’s 2nd- largest reinsurer, stated
2nd-quarter profit that ignored analysts estimates, as income from life and
medical health insurance declined.
internet income elevated to $802 million from $786 million a
12 months earlier, the Zurich-primarily based reinsurer said in an e-mailed
assertion today. Swiss Re changed into predicted to earn $898 million,
according to the average estimate of 12 analysts surveyed by way of Bloomberg.
“The non-lifestyles end result become a bit modest and
lifestyles became disappointing after a few one-offs,” Stefan Schuermann, a
Zurich-based totally analyst with Vontobel maintaining AG, who has a buy rating
on the inventory, said by way of phone. “The market will now not adore it.”
net profits on the lifestyles and health unit fell to $48
million from $154 million a 12 months earlier. earnings for the non-existence
commercial enterprise rose 22 percent to $553 million as rates climbed 12
percent.
Swiss Re has fallen 6 percent to seventy seven.10 Swiss
francs in Zurich buying and selling this yr. Munich Re, the sector’s biggest
reinsurer, dropped three.7 percent while the 33-agency Bloomberg Europe 500
insurance Index has fallen zero.3 percentage.
The blended ratio, a degree of profitability in assets and
casualty reinsurance, improved to 93.5 percent in comparison with one zero
one.1 percentage a yr earlier, when it became driven up by using higher-
than-anticipated claims from catastrophes and lower reserve releases.
Swiss Re said its quarterly return on investments increased
to four.1 percentage from 3.eight percent.
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