Reuters logo
Swiss Re Q2 profit slumps on hike in natural catastrophes
July 29, 2016 / 5:30 AM / a year ago

Swiss Re Q2 profit slumps on hike in natural catastrophes

ZURICH, July 29 (Reuters) - Swiss Re, the world’s second-largest reinsurer, said on Friday that second-quarter net profit fell 22 percent after a series of natural disasters hit the group’s returns.

Second-quarter net profit stood at $637 million, down from $820 million a year earlier, but above analysts’ estimates, which averaged $575 million in a Reuters poll. Net profit for the first six months fell to $1.87 billion, from $2.26 billion a year before when numbers were boosted by healthy investment returns and low claims.

Swiss Re’s second-quarter property and casualty combined ratio, a measure of underwriting profitability, was 101 percent, matching a Reuters poll average. A figure below 100 percent indicates a profit, while a figure above 100 percent indicates a loss. (Reporting by Brenna Hughes Neghaiwi)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below