Swiss Re reports $1.3 billion Q3 profit

Swiss Re reported a 2011 Q3 net income of $1.3 billion, marking an 11% increase from its 2010 Q3 net income of $600 million.
The reinsurer’s property and casualty unit reported an increase in combined ratio to 80.8%, from 2010 Q3’s 76.4%, a release says.
“The floods in Thailand are expected to have a severe impact on industrial businesses that have established manufacturing facilities locally,” the release adds. “As the flooding is still ongoing, it is currently not possible to evaluate damage, repair times and supply chain interruptions. As a result, a reliable claims estimate cannot be determined at this time.”