Swiss Re reports a 2012 third-quarter net income of $2.2 billion, up from $1.3 billion in 2011's third quarter, due in part to strong results in the company's property and casualty reinsurance segment.
The Zurich-based reinsurer says it also benefitted from a one-off gain from the sale of its Admin Re U.S. business to Jackson National Life Insurance Co. The deal was announced in May and closed in September.
Swiss Re said in September that it estimated a third-quarter gain of $600 million predominantly due to recycling of previously unrealized gains on the investments backing the insurance liabilities transferred to Jackson National Life Insurance Co.
Recommended For You
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:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
