By John Letzing
ZURICH--Swiss Re AG (RUKN.VX) on Thursday reported an improved
second-quarter profit, as the reinsurance giant benefited from a
sharp gain at its life-and-health business.
Zurich-based Swiss Re said net profit rose to $820 million in
the period, compared with $802 million in same quarter last
year.
Premiums and fee income fell to $7.1 billion, from nearly $7.6
billion in the quarter last year, Swiss Re said. The company's
return on equity was 9.5% in the quarter, down from 9.7%.
Swiss Re's biggest unit, its property and casualty business, saw
net profit fall to $453 million from $553 million, as premiums fell
slightly, the company said.
The company's life and health business saw net profit rise to
$218 million from $48 million in the quarter last year, Swiss Re
said.
The reinsurer's Admin Re business, which has been the focus of a
revamp effort, reported that net profit fell to $43 million from
$117 million.
-Write to John Letzing at john.letzing@wsj.com
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