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Insurer Swiss Re Q3 profit up; repays Buffett loan

Insurer Swiss Re Q3 profit up; repays Buffett loan

Swiss Reinsurance Co. says net profit almost doubled to $618 million during the third quarter from $314 million the previous year.
The Zurich-based insurance company said Thursday it also brought forward a loan repayment to U.S. investor Warren Buffett's firm Berkshire Hathaway.
Interest and fees on the loan totaling $1 billion will be booked in the fourth quarter.
Swiss Re says it had fewer payouts for natural disasters during the July-September period despite $160 million in claims from the New Zealand earthquake.
The combined ratio for its property and casualty business was 76.4 percent during the quarter compared with 84.5 percent the previous year. A figure under 100 denotes profitability.


Updated : 2021-01-23 08:58 GMT+08:00