…but Swiss Re shares hammered as profit halves
Global reinsurer Swiss Re has reported a 53% first-quarter drop in net profit to CHF624 million ($628 million) over last year’s corresponding period.
It has attributed the reduction to the continuing turmoil in the financial markets and mark-to-market loss of CHF819 million ($824 million) on its portfolio of structured credit default swaps.
Shareholders’ equity has decreased 13% compared with the December quarter, due in part to the depreciation of the US dollar to the Swiss franc and the continued buy-back of shares.
Operating income fell 6% to CHF1.3 billion ($1.31 billion) and its combined ratio was up 3.1 percentage points to 96.9%.
It has attributed the reduction to the continuing turmoil in the financial markets and mark-to-market loss of CHF819 million ($824 million) on its portfolio of structured credit default swaps.
Shareholders’ equity has decreased 13% compared with the December quarter, due in part to the depreciation of the US dollar to the Swiss franc and the continued buy-back of shares.
Operating income fell 6% to CHF1.3 billion ($1.31 billion) and its combined ratio was up 3.1 percentage points to 96.9%.