1. International

  2. News
  3. News

Swiss Re reports net income of $1.1bn for Q3 2013

India Infoline News Service | Mumbai |

Group premiums earned and fee income increased by 14% to USD 7.5 billion in the third quarter of 2013

Swiss Re reports a net income of USD 1.1 billion for the third quarter of 2013.

Group premiums earned and fee income increased by 14% to USD 7.5 billion (vs. USD 6.6 billion in the prior-year period). Swiss Re's Group combined ratio was 83.4% (vs. 72.0%). The investment result was also strong, with investment income of USD 1.0 billion and a Group return on investments of 3.5%.

Shareholders’ equity increased to USD 31.9 billion (vs. USD 30.1 billion) and book value per common share rose to USD 90.06 or CHF 81.43, compared to USD 84.03 or CHF 79.50 at the end of the second quarter 2013. Earnings per share for the third quarter 2013 were USD 3.12 (vs. USD 6.33 in the third quarter of 2012).

Corporate Solutions posted a quarterly profit of USD 71 million (vs. USD 110 million in the prior-year period). Premiums earned rose by 34.5% to USD 791 million (vs. USD 588 million) while the combined ratio was 95.8%, compared to 87.4% a year earlier. The increase reflects the impact of hurricanes in Mexico compared to benign nat cat experience in the prior-year. Solid growth was seen across most regions and lines of business. The Singapore direct insurance license obtained in October will further strengthen the growth plan of the local Corporate Solutions operation by expanding its distribution channels.

Admin Re reported net income of USD 151 million in the third quarter, generating USD 85 million of gross cash for the Group. This compares to net income of USD 823 million in the same period of the prior year, when the Business Unit reported a one-off gain of USD 626 million relating to the sale of the Admin Re US business.


 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.