Arab Today, arab today swiss reprofits soar 61 beating forecasts
Last Updated : GMT 11:18:04
Arab Today, arab today
Arab Today, arab today

Swiss reprofits soar 61% beating forecasts

Arab Today, arab today

Arab Today, arab today Swiss reprofits soar 61% beating forecasts

Zurich - AFP

Switzerland-based insurer Swiss Re said on Thursday that its net profit rose by 61 percent in 2012 to $4.2 billion (3.2 billion euros), outpacing market forecasts, despite the impact of Hurricane Sandy. \"In dollars, these are the highest results ever reported by the group,\" Swiss Re\'s chief financial officer, George Quinn, told reporters. The figures were driven by a 15-percent increase in premium revenues, which reached $25.4 billion, as well improved profitability in its damage insurance business, Swiss Re said. Analysts polled by Swiss financial newswire AWP had predicted net profit of $3.5 billion, and premiums of $24.6 billion. In mid-morning trading, the group\'s shares rose by 1.83 percent to 75.15 Swiss francs ($81.48, 60.87 euros), while Switzerland\'s SMI index was down 1.10 percent overall. Swiss Re\'s combined ratio -- a measure of an insurer\'s effectiveness, setting management costs and claims payouts against premiums -- was 83.1 percent in 2012. The group had been expecting a worse ratio of 94 percent. Swiss Re maintained its forecast that it will have to pay out around $900 million in claims stemming from damage done by Hurricane Sandy to the east coast of the United States in October. Insurers had seen payouts spiral in 2011 in the wake of the tsunami disaster in Japan and floods in Australia. For 2013, Swiss Re said it was expecting rapid premium growth, thanks in part to the expiry of a so-called retrocession contract with US billionaire Warren Buffet\'s investment fund Berkshire Hathaway. At the height of the financial crisis, Swiss Re ceded 20 percent of its premium volume to Berkshire Hathaway. The contract ran out at the end of 2012, and has not been renewed. Buffett, however, is seeking between $500 million and $1.0 billion in damages related to Swiss Re\'s US life insurance business. Pressed on the issue, Swiss Re\'s chief executive Michel Lies declined to elaborate. \"We have nothing new to tell you on this. We are still in discussion regarding these retrocessions,\" he told reporters. Swiss Re\'s board has proposed a 2012 dividend of 3.50 Swiss francs per share, up from 3.0 Swiss francs for 2011. The group marks its 150th anniversary this year, and said it would add a one-off dividend of 4.0 Swiss francs per share. Market-watchers underlined that the dividend was well ahead of expectations. \"The 7.50 Swiss franc result is a dividend yield of 10.2 percent, clearly an attraction in the current low rate environment,\" said Helvea analyst Daniel Bischof.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today swiss reprofits soar 61 beating forecasts Arab Today, arab today swiss reprofits soar 61 beating forecasts

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today swiss reprofits soar 61 beating forecasts Arab Today, arab today swiss reprofits soar 61 beating forecasts

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq's Barzani isolated by his drive

GMT 04:36 2017 Tuesday ,24 October

Iraq's Barzani isolated by his drive
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Lost Australia diver swam miles

GMT 19:09 2017 Monday ,23 October

Lost Australia diver swam miles
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU targets German carmakers

GMT 05:41 2017 Tuesday ,24 October

EU targets German carmakers
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today Sherine Reda frustrated of latest terrorist attacks

GMT 09:03 2017 Monday ,23 October

Sherine Reda frustrated of latest terrorist attacks
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'

GMT 08:12 2017 Saturday ,21 October

Donia Abdel Aziz aspires to return to cinema

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 05:27 2017 Monday ,23 October

Travel plea for conjoined twins

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 08:06 2017 Tuesday ,24 October

Second Palestinian mobile provider enters Gaza

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday