SWISS RE SURPRISES WITH STRONG YTD RESULTS

Swiss Re booked a group net income of $1.3bn for the first nine months of the year, some 38% higher than analysts' consensus estimates. The result sent the reinsurance giant's shares up more than 2%. The bottom-line result was supported by a net income of $1.5bn in its property/casualty reinsurance unit, despite some large natural catastrophe events. This compares with a loss of $201m for the first nine months of 2020. Swiss Re said the improvement in P&C Re “reflects the improved quality of the portfolio, dramatically lower Covid-19 impacts, as well as strong investment results.”