Bloomberg News

Swiss Re May Return to Profit After Catastrophe Claims Decline

May 02, 2012

Swiss Re Ltd. (SREN), the world’s second- biggest reinsurer, may say it returned to profit in the first quarter after record claims from earthquakes in Japan and New Zealand produced a year-earlier loss.

Net income was probably $691 million, after a net loss of $665 million a year ago, according to the mean estimate of seven analysts surveyed by Bloomberg. Swiss Re is due to report earnings at 7 a.m. in Zurich on May 4.

Aon Benfield estimates that natural disasters caused less than $3 billion of insured losses in the industry in the first quarter, compared with almost $53 billion in the year-earlier period. Swiss Re said last month that the Zurich-based firm expects margins to improve because of new business at its life and health unit and a “firming of the reinsurance cycle” at the property and casualty division.

Swiss Re will provide a breakdown for its reinsurance, corporate solutions and Admin Re units following a restructuring of the company.

To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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