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Swiss Re H1 net profit drops by a third to $1.2 billion
August 4, 2017 / 5:20 AM / 3 months ago

Swiss Re H1 net profit drops by a third to $1.2 billion

ZURICH, Aug 4 (Reuters) - Swiss Re, the world’s second-largest reinsurer, said on Friday first-half net profit fell 35 percent to $1.2 billion, after outlays on claims from natural disasters such as Australia’s Cyclone Debbie compounded the impact of falling reinsurance prices.

The results were behind estimates, which averaged $1.35 billion in a Reuters poll of eight analysts.

Swiss Re’s property and casualty combined ratio, a measure of underwriting profitability, rose to 97.4 percent, slightly missing a Reuters poll average of 97.2 percent. A figure below 100 percent indicates a profit. (Reporting by Brenna Hughes Neghaiwi; Editing by Joshua Franklin)

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