Swiss Re profits of US$1.1 billion beat expectations, help fight earlier losses


AFP

ZURICH — Reinsurance giant Swiss Re said Friday it had a first quarter net profit of US$1.1 billion (836 million euros), beating forecasts and more than reversing a year-earlier net loss of US$665 million.

Analysts surveyed by financial agency AWP had been expecting a net profit of US$644 million. Swiss Re, the world’s second-largest reinsurer, attributed the strong result to solid contract renewals and a relatively disaster-free quarter.