First-half net profit at Swiss Re jumped to a higher than expected 691 million Swiss francs ($486 million) on the back of strong non-life premium income growth, the world's number two reinsurer said today.
A lack of major insurance claims and a swing to profit of 273 million francs at its financial services business unit also contributed to the strong rise in group net profit, up from 118 million francs in the same year ago period.
The first-half net profit figure compared with analyst estimates polled by Reuters centering on 501 million francs.
Reporting the day after Munich Re - the industry leader in terms of market share - posted its fifth straight quarter of red ink, the Swiss firm said the full-year outlook was for continued improvements in operating performance.
Swiss Re said it saw increasing opportunities to buy, administer and run off other insurers' life insurance books, while it expected the trend of firm demand for cover and rising prices in the property and casualty business to continue.
"For our property & casualty and financial services business groups, we expect the benefits of current hard market conditions to continue," Swiss Re said in a statement.