Source Pravda.Ru

Swiss Reinsurance Swings to 2Q Net Loss

Swiss Reinsurance Co (RUKN.VX) Wednesday swung to a second-quarter net loss on asset write-downs and warned that the difficult economic and financial situation may harm future earnings , Wall Street Journal reports.

Meanwhile, the loss compared with a profit of 564 million francs in the April-June period last year, and analysts had expected more earnings from the Zurich-based company. Losses per share were 1.13 francs.

"Our core business, despite the reported loss, continued to deliver strong underwriting results and solid earnings power," said Chief Executive Stefan Lippe , New York Times reports.

Swiss Re said its property and casualty business deliver "excellent" underwriting business. Operating income in the division rose 11 per cent to SFr1 billion in the quarter , Swissinfo reports.

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