Swiss Re suffers Q1 losses
Swiss Re has reported its financial results for the first three months of the year, including a net loss of $665m.
This compares to a net profit of $158m in the same period last year, and has been attributed to the impact upon Property & Casualty of a very high frequency and severity of natural disasters.
Annualised return on equity fell, year-on-year, from 2.7% to -10.7%, with earnings per share down to a loss of $1.94 from a profit of $0.46.
Chief Executive Officer Stefan Lippe reported that the firm suffered exceptionally high losses from natural catastrophes.
Swiss Re was not the only firm to find itself hit hard by the multiple natural disasters to strike in the first quarter of the year.
Munich Re and Endurance have both recently released their quarterly figures, and reported losses attributed to the high frequency/severity of natural disasters.
Category: Financials, Insurance News
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