Swiss Re reports USD1.1 bn 9M net income

Swiss Re reported a Group net income of USD1.1 billion for the first nine months of 2018 compared to a loss of USD468 million for the same period a year ago, despite an estimated claims burden of USD1.6 billion from natural catastrophes and large man-made events in the reporting period.

While the Group’s property and casualty businesses were particularly impacted by the natural catastrophe and large man-made losses in the third quarter, the Group’s life and health businesses continued to deliver a strong performance. Property & Casualty Reinsurance (P&C Re) reported net income of USD634 million, impacted by large loss events. L&H Re reported strong net income of USD644 million and Life Capital reported exceptional gross cash generation of USD1.0 billion with a net income of USD4 million.