Swiss Re Beats Estimates on P&C, Lower Catastrophe Claims (1)

Swiss Re AG’s half year profit beat estimates, with the re-insurer’s property and casualty division and a fall in catastrophe claims offsetting signs of lower pricing.

Profit for the second quarter was $1.3 billion, resulting in net income of $2.6 billion for the six months to June, the Zurich-based company said in a statement Thursday. Return on the group’s investment portfolio was 4.1% for the first half of the year, compared with 4% a year earlier.

In its key property and casualty business, Swiss Re reported $1.2 billion in net income in the first half, benefiting from “disciplined underwriting” ...