Swiss Re reports return to the black in Q1

by Richard Kilner

Story link: Swiss Re reports return to the black in Q1

Swiss Re has reported its first quarter financial performance, including a net profit for Q1 2009 of CHF 150m, with earnings per share of CHF 0.45.

This compares to a Q1 2008 profit of CHF 600m, although the latest quarter’s figures took place during persistently difficult operating conditions.

Annualised return on equity stood at 2.9%, down from the same period of last year which was 8.5%.

Property & Casualty made operating income totalling CHF 1bn, with the figure for Life & Health increasing to CHF 280m.

For 2008 the firm incurred a net loss of CHF 864m, so the return to a result in the black rather than the red may mark a significant turning point.

Stefan Lippe, chief executive officer, has expressed his pleasure at the firm returning to profitability in the quarter.

Lippe also stated that the firm had made good headway both in reducing its risk and bolstering its capital base.

However, he went on to state that the risk reduction programme would take some time, but added that Swiss Re remained in a good position to seize future opportunities.