Swiss Re reports Q3 profits

by Richard Kilner

Story link: Swiss Re reports Q3 profits

Swiss Re has reported that it made net income of CHF 334m in the third quarter of 2009.

This compares favourably with a loss in Q3 2008 of CHF 304m, and in Q2 2009 when the firm incurred a loss of CHF 381m.

Chief Executive Officer Stefan Lippe responded to the results by describing them as a continual improvement brought about by a strong underlying performance and ongoing efforts to reduce risk exposure.

The firm’s excess capital at the AA level has now increased to over CHF 6bn.

Lippe went on to state that the outlook for Swiss Re was encouraging, as the firm had bolstered its capital position in the first three quarters of 2009.

He also said that the firm’s new focus was the January renewals, and added that the firm was well-placed for the upcoming renewal season.