Published: 08 Nov 2012 11:11 GMT+01:00 | Print version
Updated: 08 Nov 2012 11:11 GMT+01:00
Reinsurance giant Swiss Re posted a third-quarter net profit of $2.2 billion (2.08 billion francs) on Thursday, up sharply from $1.3 billion for the same period last year.
The results beat analysts' expectations of a net profit of $1.3 billion.
Swiss Re also said it was too soon to put a figure on the cost of the damage caused by Hurricane Sandy.
"Estimating claims is particularly complex due to the combined impact of prolonged power outages, disruptions to public transport and damage to other infrastructure" after the hurricane hit the United States east coast on October 29th, Swiss Re said in a statement.
No "reliable claims estimate at this time" was possible because of these factors, the company said.
Swiss Re had achieved "very good financial results in a volatile environment," CEO Michel Liès said.
Group premiums increased by 11 percent to $6.6 billion against $5.9 billion in the same period a year earlier, the firm said.
In addition, the group's combined ratio -- which measures whether the company pays out more in claims and expenses than it receives in premiums — was 72 percent compared with 85.3 percent a year earlier.
After going undefeated throughout the world ice hockey championship tournament, Switzerland finally succumbed to home town favorite Sweden in the final, losing 5-1 in Stockholm on Sunday. READ () »
Switzerland will play hosts Sweden in the final of the world ice hockey championships on Sunday after each side registered a 3-0 semi-final victory over the United States and Finland respectively. READ () »
Jewellery worth more than $1 million made by Swiss luxury watchmaker and jeweller Chopard and due to be loaned to stars walking the red carpet at the Cannes film festival were stolen from a hotel, French police said on Friday. READ () »
Chinese Premier Li Keqiang embarks this weekend on his first foreign trip since taking office, with a stop in Switzerland on the itinerary and free trade talks between the two countries close to completion. READ () »
The Salvation Army band carrying Switzerland’s hopes into the Eurovision Song Contest was vanquished on Thursday night in Malmö, Sweden. READ () »
More than a third of Geneva’s active working population lives outside the canton, with the majority residing in neighbouring France and the rest largely in the canton of Vaud, according to a report issued on Thursday. READ () »
International Cycling Union (UCI) president Pat McQuaid can count on the support of the Swiss federation in his bid for re-election, the sport's global governing body said on Thursday. READ () »
Switzerland headed to the world ice hockey championship semifinals after a 2-1 win over the Czech Republic on Thursday in Stockholm. READ () »
The chairman of newborn mining and commodities giant Glencore Xstrata, John Bond, was on Thursday axed by its annual general meeting in Zug, just weeks after the Swiss-based group was created via a merger of two key players. READ () »
United Nations chief Ban Ki-moon has nominated former Kenyan minister and member of parliament Mukhisa Kituyi to lead the UN's Geneva-based trade and development body when the current chief steps down at the end of August. READ () »