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Swiss Re A logo sits on a sign outside Swiss Re AG’s headquarters in Zurich, Switzerland. (Photo: Philipp Schmidli/Bloomberg)

(Bloomberg) – Pricing pressure in the reinsurance industry weighed on Swiss Re’s first-half earnings, overshadowing a drop in natural-catastrophe claims. The company said it’s exploring an initial public offering for its U.K. closed-book business.

Swiss Re’s net income fell to $1 billion from $1.2 billion a year earlier, missing analyst estimates. An abundance of capital in the industry is weighing on reinsurance prices, while low interest rates are making it harder for companies to earn money from their investments. A change in U.S. accounting rules also curbed Swiss Re’s profit.

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