ZURICH, Aug 8 (Reuters) - Swiss Re shrugged off the cost of floods in Europe to post better than expected second-quarter profit on Thursday and said it could beat its main annual performance target if claims remain stable in the second half.
The world's second largest reinsurer took a heavy hit from claims for the floods across Europe as well as in Canada, pushing it into lossmaking territory according to the industry's main measure of profitability for the first time in two years.
That prompted a 1 percent drop in shares, but Chief Financial Officer George Quinn said he was optimistic on the firm's profitability target for the year and most analysts agreed, saying prospects for a dividend payout also looked intact.
Reinsurers like Hannover, Munich and Swiss Re help insurance company customers cover the cost of major damage claims like hurricanes or earthquakes in exchange for part of the premium.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
