First-Half Earnings Dropped at Swiss Re

Swiss Re announced a group profit of $1.07 billion for the first half of 2005, a 6% decline compared to earnings for the same period last year. The world's second largest reinsurer indicated that its dedication to "underwriting profitability" was the principle reason for the decline. Net premiums decreased by 4% overall to $10.48 billion, while the combined ratio for the P/C operations improved to 95.5% from 96.1% in the same period last year. Return on equity was 13% and in line with the company's target. The earnings bulletin noted that "shareholders' equity grew 15% to $17.5 billion, fu...