(Bloomberg) — Swiss Re AG booked $250 million in losses from the August chemical warehouse explosions in the Chinese city of Tianjin, its biggest payout in a quarter that saw profit rise 13 percent.
Net income climbed to $1.4 billion in the three months through September from $1.2 billion a year earlier, the Zurich- based company said in a statement Thursday. That beat the $840 million average estimate of seven analysts compiled by Bloomberg.
Swiss Re said it benefited from strong underwriting and investment results and from a quiet period for natural catastrophes. It plans to use surplus cash to buy back about 1 billion Swiss francs ($1 billion) in shares starting in mid- November.
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