Swiss Re gets over $200m oil spill hit with bumper profit

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Operating income of $1.2 billion (£758 million) at the insurer's asset management unit more than offset a further $130 million hit from the Chile earthquake and a $200 million hit from the Deepwater Horizon oil rig explosion.

The company's property and casualty reinsurance combined ratio - a measure of underwriting figures where a number below 100 indicates operating profitability - improved to 102 from 109.4 in the previous quarter, but missed its forecast.

Swiss Re said it was sticking to its target of 12% return on equity over the reinsurance cycle.

Its net profit of $812 million for the quarter came well ahead of the $359 million analysts' forecast.

Excess capital was $10 billion (£6.3 billion) at the end of June, down from $12 billion at the end of the first quarter, but still giving Swiss Re breathing space as it tries to regain the coveted "AA" credit rating lost in the crisis. Standard & Poor's currently rates the company's financial strength "A+".

Competitor Munich Re yesterday posted stronger-than-expected earnings as strong investment income offset a slew of damage claims for storms and the collapse of the Gulf of Mexico oil rig.