Acquisition lifts Swiss Re value
Swiss Re has posted a 13% rise in embedded value for 2006, up CHF1.5 billion ($1.49 billion) from 2005, largely because of its June acquisition of GE Insurance Solutions.
The world’s largest reinsurer said it added CHF664 million ($661.7 million) in new businesses in 2006, alongside a 12.7% rate of return for new business.
Embedded value, which calculates an insurer’s life insurance operations (excluding future new business), increased to CHF22.6 billion ($22.5 billion) driven by the company’s $US6.8 billion ($8.29 billion) purchase of GE Insurance, the world’s fifth-largest reinsurer.
Swiss Re increased embedded value profit by 85% to CHF1 billion ($997 million), up from CHF562 million ($560 million) in 2005, with embedded value earnings up 38% to CHF2.4 billion ($2.39 billion).
The life and health business earned CHF2.9 billion ($2.89 billion) in 2006.
The world’s largest reinsurer said it added CHF664 million ($661.7 million) in new businesses in 2006, alongside a 12.7% rate of return for new business.
Embedded value, which calculates an insurer’s life insurance operations (excluding future new business), increased to CHF22.6 billion ($22.5 billion) driven by the company’s $US6.8 billion ($8.29 billion) purchase of GE Insurance, the world’s fifth-largest reinsurer.
Swiss Re increased embedded value profit by 85% to CHF1 billion ($997 million), up from CHF562 million ($560 million) in 2005, with embedded value earnings up 38% to CHF2.4 billion ($2.39 billion).
The life and health business earned CHF2.9 billion ($2.89 billion) in 2006.