Swiss Re results hit by sale loss

by Richard Kilner

Story link: Swiss Re results hit by sale loss

Swiss Re has reported that in the second quarter of 2012 it made a net profit of US$83m (this result is affected by a loss of $1bn on the sale of the Admin Re® US business).

The result compares poorly to the corresponding period last year when the firm made a net income of $960m, and to the first quarter of 2012 when it made $1.1bn.

Group Chief Executive Officer Michel M. Liès said that the firm’s ability to achieve profit in the second quarter despite the Admin Re® sale was indicative of the firm’s underlying strength and earnings.

Liès went on to say that Swiss Re aimed to increase its share of business in high-growth markets from 15% to 20-25% by 2015, and said that the firm would not neglect its client base in developed markets.