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Daily Insurance Industry News
Tuesday 20th of February 2018
February 20, 2009

Swiss Re confirms dire results

by David Masters

Story link: Swiss Re confirms dire results

Swiss Re has confirmed massive losses for 2008 totalling CHF864 million ($735.8 million).

This is compared to CHF4.23 billion profit for 2007, although is slightly less than the CHF1 billion loss that the company had said was possible in a preliminary announcement earlier this month.

The Switzerland-based insurer reported a return on equity of -3.4%, driven by equity losses.

Shareholder equity fell to CHF20.5 billion ($17.5 billion), down from CHF31.9 billion at the end of 2007.

The company said it has taken steps to de-risk its investment portfolio and strengthen its capital position.

Stefan Lippe, newly appointed chief executive, said: “This result is clearly disappointing.

“Although our property and casualty and life and health business segments continue to perform extremely well even in these adverse conditions, the result has been impacted by investment losses.”

Lippe was appointed earlier this month after his predecessor, Jacques Aigrain, resigned.

He added: “We have already taken extensive measures to de-risk the investment portfolio and to further protect the long-term financial strength of the company.”

 

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