Swiss Re makes a quarterly profit
Global reinsurer Swiss Re is working its way out of the red, posting a first-quarter profit on the back of its shocking $1 billion loss last year.
The group has reported a net profit of CHF150 million ($175 million), down 75% from CHF600 million ($701 million) for the same quarter last year.
This comes as good news for the reinsurer after it made an annual net loss last year of CHF864 million ($1 billion), driven largely by bad investment strategies, and shed its CEO Jacques Aigrain.
New CEO Stefan Lippe says the group is pleased it has been able to return to profit in this quarter.
“More importantly we strengthened our capital base and made progress on our plans to reduce risk,” he said. “The results show that even in this challenging economic environment Swiss Re’s earnings power in its core business remains strong.”
The group has reported a net profit of CHF150 million ($175 million), down 75% from CHF600 million ($701 million) for the same quarter last year.
This comes as good news for the reinsurer after it made an annual net loss last year of CHF864 million ($1 billion), driven largely by bad investment strategies, and shed its CEO Jacques Aigrain.
New CEO Stefan Lippe says the group is pleased it has been able to return to profit in this quarter.
“More importantly we strengthened our capital base and made progress on our plans to reduce risk,” he said. “The results show that even in this challenging economic environment Swiss Re’s earnings power in its core business remains strong.”