Swiss Re reported a net income of $3 billion for the first nine months of 2016, despite the difficult market environment. All business units contributed to the strong result with net income in property and casualty reinsurance coming in at $1.5 billion in the first nine months of 2016, reflecting solid underwriting.
In other areas, life and health reinsurance net income was $635 million, demonstrating continued good performance while corporate solutions reported a net income of $150 million after profitable business performance. Life capital reported net income of $726 million, attributable to investments and underlying growth.
“We delivered strong earnings in the first nine months, despite a continued difficult environment across the entire industry,” says Christian Mumenthaler, group chief executive officer, Swiss Re.
“We delivered strong earnings in the first nine months, despite a continued difficult environment across the entire industry. Our results once more demonstrate that our underwriting discipline and our differentiation position us well for long-term success. We continue to focus on profitable growth while also addressing the protection gap in regions where people are still not insured. You only have to think of the tragic earthquakes that struck Italy, a country where on average only just over 1 per cent of residential buildings are insured against earthquakes. We will continue to work on closing these protection gaps. Innovation and technology will help us get there.”
The reinsurer starts its public share buy-back programme of upto 1 billion Swiss francs on 4 November 2016.