Swiss Re headquarters in Zurich; Source: Swiss Re
While presenting a sharp drop in profit for 2017 due to heavy natural catastrophe losses, Swiss Re CEO Christian Mumenthaler and chief financial officer David Cole praised the reinsurer’s diversification strategy away from P&C reinsurance which Swiss Re wants to further develop.
Swiss Re’s net income plummeted to $331 million in 2017 compared to $3.56 billion in 2016.
P&C Reinsurance posted a net loss of $413 million for 2017 after a net income of $2.10 billion in 2016.
Estimated combined claims of $3.7 billion from 2017’s large natural catastrophes including hurricanes Harvey, Irma, and Maria, Mexican earthquakes and Californian wildfires led to the “strong decline” in P&C Re’s results.
Swiss Re, Reinsurance, Insurance, Europe, Global, Christian Mumenthaler, David Cole