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)