Swiss Re took stock of the first nine months of the fiscal year. Once again, big damage, charge the account of the reinsurer.
The hurricane “Dorian” who had made the Bahamas a strong, approximately 300 million Swiss francs. In Japan, Typhoon “Faxai fell” in the bill with 460 million, even more important, such as Swiss Re announced on Thursday.
profit thanks to high investment gains
Until the end of the year, the location for Swiss Re remains tense: In California, forest fires are raging currently. Many homes threaten to go up in flames. And in Japan at the beginning of October had led to another Typhoon to large Floods.
The core business of the reinsurer, the property division and liability-reinsurance was not yet profitable. The damage costs set by the cost of natural disasters points increased by 1.9 percent to 101.4 percent. Thanks to the high system gain, the division wrote to a profit of 871 million Swiss francs.
The capital contribution are developing well. They delivered a return of 4.3 per cent, 1.5 per cent more than in the same period last year. The sale of the stake in the Brazilian insurer Sulamérica have contributed significantly to this increase, says Swiss Re.
Worse, the business with only insurance cut off. There is a high loss of 437 million francs. However, the division is in a Phase of restructuring.
for the time being, no further share buy-back
Swiss Re aims to grow according to its own information more profitable. Chief financial officer John Dacey sees growth opportunities thanks to a “very strong” capital position of the company and the improving price environment. From January to September, the net premiums grew by 10 percent to 28.1 billion Swiss francs.
More the Swiss Re wants to return for the next part of the planned share purchase is not a run. The reason for this is the high cost of damage from natural disasters, as well as the waiver of the IPO of the subsidiary ReAssure be. The first Tranche in the amount of up to 1 billion Swiss francs was launched in may and the program had been implemented until the end of September to about 60 percent. (SDA/gif)