Swiss Re announced Nov. 8 its financial results for the third quarter, reporting net income of $1.03 billion from property and casualty reinsurance, up from $731 million during the same period in 2011. All figures are in U.S. currency.
The Zurich-based firm said P&C premiums increased 15%, from $2.9 billion in 2011 to $3.3 billion this year.
"The result was helped by reserve releases and a very benign claims environment in the quarter with comparatively low losses from natural catastrophes," Swiss Re stated in a press release. "Successful renewals in the first half of the year also contributed to strong top-line growth, which led to a drop in expense ratios."
For the entire Swiss Re group, net income for the third quarter was $2.182 billion, up 62% from $1.348 billion for the same period in 2011.
Total revenue for the third quarter was $9.81 billion this year, up 74% from $5.65 billion in 2011. Premiums earned for Q3 were up 11% year-over-year, from $5.74 billion in 2011 to $6.39 billion this year.
Swiss Re says its property combined ratio was 57.7% in the quarter, down from 73.3% in the third quarter of 2011.
"The casualty combined ratio was 93.0% in the third quarter of 2012, compared to 111.9% in the third quarter of 2011," Swiss Re stated in its report. "The improvement was mainly due to favourable net development of prior accident years in the third quarter of 2012, whereas the third quarter of the prior year saw net reserve additions."
Total assets as of Sept. 30 were $224.8 billion, including $13 billion in cash and cash equivalents, $4.07 billion in goodwill and $155.8 billion in investments. Total liabilities were $191.2 billion.