Global reinsurer Swiss Re has reported that its Q3 profits fell by 51 percent compared to the same period last year.
Net income fell to $1.07 billion from $2.18 billion a year ago. The company coffers benefited from the sale of its US Admin Re business to Prudential, but also partly explains the fall in net income.
Swiss Re said its largest business of property and casualty reinsurance saw profit decline to $807 million in Q3.
Michel Liès, Swiss Re's Group CEO, preferred to emphasise the positive aspects of the company’s Q3 report.
He said: "This strong result demonstrates our excellent underlying earning power. P&C Re was clearly in the lead this quarter. Corporate solutions is making progress against its own growth plans even in a quarter with sizeable large losses. We are following through on our plans to make adjustments in L&H Re while Admin Re continues to generate significant cash for the group."
