Swiss Re has reported a net profit of USD $83 million for the second quarter of 2012. The result is impacted by the sale at a loss of USD $1.0 billion of the Admin Re US business. The insurer’s Property & Casualty Reinsurance delivered a strong result while Life & Health Reinsurance net income benefited from realized gains, said Swiss Re in a statement.
Net income in Property & Casualty Reinsurance was USD $717 million, compared to USD $385 million in the same quarter of 2011. “This result was helped by low losses from natural catastrophes in the quarter, reserve releases and net investment gains,” said Swiss Re.
Premiums earned were USD $2.8 billion, a healthy increase of 18.2% from USD $2.4 billion in Q2 2011.
Michel M. Liès, Group CEO, says: “We have delivered a profit in the second quarter. Given the impact from the sale of the Admin Re US business, this shows the strength and resilience of our underlying earnings power. With another successful renewal round in July behind us, we will continue to focus on implementing our strategy and capturing growth opportunities in developed and high-growth markets in the second half of the year.”