Copying and distributing are prohibited without permission of the publisher
Swiss Re capital recovery not just “luck”
03 November 2009
Shares in Swiss Re, the world’s second-largest reinsurer, were boosted today after it reported forecast-beating profits for the third quarter and strengthened its capital base, improving its chances of repaying Warren Buffett’s costly capital injection.
Read more:
[Swiss Re]
[stefan lippe]
Shares in Swiss Re, the world’s second-largest reinsurer, were boosted today after it reported forecast-beating profits for the third quarter and strengthened its capital base, improving its chances of repaying Warren Buffett’s costly capital injection.
The Zurich-based reinsurer posted a profit of SFr334m ($327m) for the quarter – compared with a loss of SFr304m in 2008 – beating an average estimate of a SFr115m profit in a Reuters poll.
The group’s strong operating performance, combined with sales of once illiquid assets in its legacy portfolio, helped shareholders’ equity rise by SFr2.4bn to SFr26.2bn, beating Keefe, Bruyette & Woods (KBW)'s estimate.
“We expect the market to react positively to Swiss Re’s third-quarter 2009 results given that the share price has underperformed into the disclosure and the shareholders’ funds have...
You must be logged in to view this page.
If you are already a registered user please log in here.
Alternatively, you can request a free trial or subscribe. For more information contact sdexter@euromoneyplc.com or call +44 (0) 20 7779 8223.
Already have an account?
Subscribe
Subscribers have unlimited access to all current and archive content. Start your
subscription today - click on the button below.
Free trial
Taking a free trial will give you access to the current issue for two weeks (excluding
some surveys and articles). Start your free trial today.
