Source: Swiss Re
Swiss Re is cutting back its business not only in property/casualty (P&C) but also in its favoured corporate solutions segment as rates reach intolerable levels and waits for the operating environment to improve.
Swiss Re’s 2016 performance was affected by low interest rates pressuring investment returns and a soft market in P&C and in corporate solutions.
The company’s net profit dropped by $1 billion to $3.6 billion in 2016.
Net income in P&C reinsurance declined to $2.10 billion from $3.01 billion in 2015. A soft market has been pressuring the P&C market for a while and rates continue to decline, although at lower a pace.
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Swiss Re, Christian Mumenthaler, David Cole, P&C, Life Reinsurance, Corporate Solutions, Results, Switzerland, Europe, North America, Asia Pacific,