Swiss Re: net profit down after natural catastrophes.
(CercleFinance.com) - Swiss Re, the world's second-largest reinsurer behind Munich Re, said on Friday that its first-half net profit fell by over 35%, due to a market environment that remains "difficult.
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The group's net income of 1.2 billion dollars for the first six months of 2017 compares to over 1.8 billion dollars in the same period of 2016.
The Zurich-based firm said it had to pay "significant claims" in the aftermath of natural catastrophes.
While Life & Health reinsurance net income grew to 432 million dollars from 417 million dollars in the first half, Property & Casualty reinsurance net income fell from 870 million dollars to 546 million dollars, impacted by large natural catastrophe insurance claims.
The results still include insurance claims from Cyclone Debbie in Australia.
Swiss Re's CFO, David Cole, said that the property and casualty segment had just experienced pricing pressure in line with the overall industry.
"This shows the importance of having a diversified business model which can help to balance out volatility in individual areas," he said.
Listed in Zurich, Swiss Re shares are currently down 3.7% at 91.4 Swiss francs this morning.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
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The group's net income of 1.2 billion dollars for the first six months of 2017 compares to over 1.8 billion dollars in the same period of 2016.
The Zurich-based firm said it had to pay "significant claims" in the aftermath of natural catastrophes.
While Life & Health reinsurance net income grew to 432 million dollars from 417 million dollars in the first half, Property & Casualty reinsurance net income fell from 870 million dollars to 546 million dollars, impacted by large natural catastrophe insurance claims.
The results still include insurance claims from Cyclone Debbie in Australia.
Swiss Re's CFO, David Cole, said that the property and casualty segment had just experienced pricing pressure in line with the overall industry.
"This shows the importance of having a diversified business model which can help to balance out volatility in individual areas," he said.
Listed in Zurich, Swiss Re shares are currently down 3.7% at 91.4 Swiss francs this morning.
Copyright (c) 2017 CercleFinance.com. All rights reserved.