Swiss Re reports 17% rise in net profit, in line with expectations
Corrects percentage change to 17% (not 44%) in headline and paragraph 1, corrects year-earlier figure to $1.79 billion (not $1.45 billion) in paragraph 3
FRANKFURT, Aug 22 (Reuters) -Reinsurance company Swiss Re SRENH.S said on Thursday that net profit rose 17%in the first six months of the year, roughly in line with expectations, and it maintained its full-year targets.
Earnings got a lift from low claims for natural catastrophe and investment income, Swiss Re said, while its digital white-label business that it is exiting continued to make a loss.
The net profit of $2.09 billion in the period compares with a profit $1.79 billiona year earlier. Analysts had expected a profit of $2.02 billion, according to a consensus forecast.
Swiss Re's new chief executive officer, Andreas Berger, said full year net profit should exceed $3.6 billion.
It said its prices rose 8% in its latest round of insurance renewals on July 1.
Reporting by Tom Sims and Paul Arnold, Editing by Rachel More
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
