Swiss Re reports rising Q2 profits

by Richard Kilner

Story link: Swiss Re reports rising Q2 profits

Swiss Re has reported a group net income of US$960m in the second quarter of 2011, significantly better than the US$812m it made in the corresponding period last year.

Quarterly earnings per share rose from $2.37 in Q2 2010 to $2.80 and return on equity increased from 13.4% to 15.6%.

It is also over a billion dollars better than the $665m net loss the firm suffered during Q1, due to the high frequency of severe natural disasters.

Chief Executive Officer Stefan Lippe welcomed the firm’s strong quarterly performance, adding that all segments contributed to Swiss Re’s Q2 result.

Looking to the future, the firm anticipates good opportunities for growth in emerging markets such as China, Brazil and Vietnam, with China predicted to be the world’s second largest insurance market within 10 years.

Lippe stated that by seizing opportunities in emerging markets Swiss Re was well-positioned for the future.