BRUSSELS (dpa-AFX) - Reinsurer Swiss Re (SSREY.PK) reported that its net income for 2018 rose to US$421 million from last year's US$331 million, despite the estimated combined claims of US$2.2 billion from natural catastrophes and US$0.8 billion from large man-made losses.
The net income also reflected an estimated negative pre-tax impact of US$599 million due to the previously reported change in US GAAP on recognition and measurement of equity investments that took effect on 1 January 2018. Excluding the impact of the change in accounting guidance, net income would have been US$894 million.
Gross premiums written for the Group increased 4.7% to US$36.4 billion, primarily driven by premium growth across the Group's life and health businesses.
The Board of Directors will propose to the Annual General Meeting (AGM) a higher dividend of CHF 5.60 and the authorisation of a new public share buy-back programme to be executed prior to the 2020 AGM in accordance with Swiss Re's capital management priorities and subject to obtaining all necessary legal and regulatory approvals.
Anette Bronder has been appointed Group Chief Operating Officer and member of the Group Executive Committee, effective 1 July 2019, succeeding Thomas Wellauer who will be retiring at the end of June.
Swiss Re is pleased to appoint such a strong candidate to its Group Executive Committee, in particular strengthening its expertise in technology and digital transformation.
Swiss Re said it continues to explore a potential initial public offering (IPO) of its UK closed book business ReAssure in 2019.
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