Swiss Re with profit slump in summer quarter
Published: Thursday, Nov 14th 2024, 08:30
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Swiss Re suffered a slump in profits in the summer quarter. The US liability business is to blame, which put a big dent in the second-largest reinsurer in the world.
As a result, net profit for the first nine months dipped to 2.19 billion dollars, as Swiss Re announced on Thursday. The traditional group did not present comparative figures for the previous year following an accounting changeover. The figures come as no surprise, as Swiss Re had published a profit warning of the same magnitude as the dip a week ago.
Major losses due to natural catastrophes amounted to USD 813 million in the first nine months of 2024, of which USD 743 million was incurred in the third quarter. This mainly related to the severe hailstorm in Calgary, Canada, storm Boris in Europe and hurricanes Debby and Helene.
With the profit warning, Swiss Re has lowered its annual targets: the Group now expects a net profit of more than 3 billion dollars. That is 600 million less than before.
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