Swiss Re: in profit after 9m thanks to interest rates

(CercleFinance.com) - Swiss Re announced on Friday that it had returned to profit in the first nine months of the year, whereas the Swiss reinsurer had been loss-making a year earlier.
In particular this is thanks to rising interest rates.

Net income for the January-September period came to $2.5bn, including $1bn for Q3 alone, compared with a loss of $285m a year ago.

In a reaction note, analysts at Keefe, Bruyette & Woods (KBW) point out that this result is 17% above market consensus.

However, this is mainly due to the profitability of its investments, they say.

With interest rates continuing to rise, management said that the group has benefited from an improvement in recurring income yields and overall results from its investments.


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