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.
Forest fires in Siberia have been raging for three months already. They have become a disaster not only of Russian, but of global scale. The fires have already scorched 12 million hectares of land