Swiss Re reports rising Q3 profits

Swiss Re has reported its financial results for the third quarter of 2012.

In Q3 the firm made a net income of US$2.2bn, up dramatically from the US$1.3bn of the corresponding period last year.

The quarterly net income was even more substantially improved from the preceding quarter, when Swiss Re made just US$83m (largely due to a $1bn loss on the sale of the Admin Re® US business).

Group Chief Executive Officer Michel M. Liès stated that the firm had achieved very good financial results despite a volatile operating environment.

Liès acknowledged that the one-off gain from the sale of the Admin Re® US business undoubtedly helped but added that the strong performance of P&C Reinsurance showed that the firm had an underlying strength.

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Category: Financials, Insurance News