Swiss Re reports 68% increase in profits over 2006 Q2

Swiss Re reported a 68% increase in its property and casualty business over 2006 Q2, with a total earnings of CHF 1.2 billion [approximately Cdn$1.05 billion] throughout 2007 Q2.
Overall, compared to 2006 Q2, premiums earned increased 17% to CHF 8 billion [approximately Cdn$7.05 billion], says a Swiss Re statement, attributing the increase in part to the inclusion of Insurance Solutions.
Annualised return on equity for Q2 increased to 15.9% from 13.3% in 2006, above Swiss Res 13% target over the cycle.
Swiss Re attributes the improvement in P&C business to excellent underwriting results, the inclusion of Insurance Solutions and strong investment performance.
Premiums earned for traditional business grew to CHF 4.5 billion [approximately Cdn$3.97 billion], up 19% over the same period in the prior year.
The P&C business combined ratio for the quarter improved to 90.7% from 93.9% in 2006.
We are pleased with the results for the second quarter as we continued to generate economic profit growth through careful cycle management and efficient capital allocation, Jacques Aigrain, Swiss Res CEO, said in a statement.
The results also demonstrate our continuing ability to deliver against our other goals of reducing earnings volatility, enlarging market scope and achieving organisational excellence.